SWEDEN: Debt Office to sit on first Saab Parts board meeting tomorrow
Sweden's National Debt Office (SNDO) is to sit on the board of Saab Automobile Parts for the first time tomorrow (1 February) as the State looks to secure its loan guarantee repayment.
The SNDO has repaid SEK2.2bn (US$325m) to the European Investment Bank, after guaranteeing the loan to Saab during its restructuring phase, but the automaker's subsequent bankruptcy will now see the government body take a close involvement at board level.
SNDO Saab guarantee project leader Daniel Barr and consultant Hakan Eriksson were appointed following a vote at the general Saab Parts shareholder meeting.
"The first board meeting is going to be held tomorrow," an SNDO spokeswoman told just-auto. "It means we will have full access and information in the company and be part of discussions on the future.
"Of course the bottom line is get the money back - that is the task and job we have from the government. First it was to give Saab the guarantee and in the case Saab would go bankrupt, to get money back [for] taxpayers."
Changes to the Saab Parts board were initiated by Saab's receivers, under whose administration the components element works.
The SNDO's Barr told just-auto his office was holding back from selling its interest in the parts and tools businesses in which it has pledges - despite now being Saab's largest creditor.
"We have decided to cooperate with the receivers - we have not tried to realise our pledge [s] but cooperate," said Barr.
"The receivers try to sell the entire group rather than bits and pieces."