Sweden’s National Debt Office (SNDO) has repaid a SEK2.2bn (US$324m) loan advanced by the European Investment Bank (EIB) to Saab to aid it through restructuring.
Saab’s subsequent bankruptcy has now seen the Swedish government pay back that money – although the SNDO previously told just-auto it could recoup its significant financial liability through a tools and parts sale.
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The debt office has pledges in the automaker’s parts business and tool manufacture that should cover its major backing.
“The guarantee as it was set out from the start, was around SEK4bn and then it was adjusted when they [Saab] sold the property,” an SNDO spokeswoman told just-auto. “So the potential amount of money they could use for the loan was diminished.
“The receiver is now taking care of what is left of Saab – we are confident they are trying to sell Saab. We are in contact with them and of course, we are waiting for them to make a deal.”
The SNDO repayment to the EIB means the Swedish body is now the largest creditor in the bankruptcy estate.
Three potential bidders are thought to be actively pursuing a purchase of Saab: Turkish private equity company Brightwell Holdings, Indian automaker Mahindra & Mahindra, and China’s Youngman.
Further details from the SNDO are expected later today (30 January).
