It appears Saab will be locked in talks with Chinese all this evening (26 October) as the automaker enters a crucial phase in its struggle to survive.
The crisis-hit manufacturer has already held discussions with Youngman and Pang Da yesterday, with those negotiations appearing to spill over into a second day and likely through tonight as well.
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Saab’s current position of bankruptcy protection is slated for discussion tomorrow with the administrator seeking an end to its voluntary reorganisation – a situation that could open the floodgates to all manner of creditor claims.
I’ve just come off the telephone from someone with close knowledge of the situation in Sweden, who says although Saab continues to dominate the news headlines, there’s a sense of weariness from the public, that it wishes the epic story be resolved one way or another.
There’s been no end of talk of skulduggery, foul play and plots, while the Swedish government vehemently and robustly defended its role in the whole affair to me yesterday, at the same time pointing out it was the guardian of the public purse.
To add to the mix, Russian businessman Vladimir Antonov’s spokesman told me: “You don’t’ need to be Einstein to understand that something is going on here.”
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By GlobalDataWhat that “something” is is not yet clear – is it to do with domestic Swedish politics, personality clashes or a feeling that Saab will fail? Should that happen, could Antonov ride white knight-like to the rescue or has he burnt too many bridges with the European Investment Bank?
Way back it seems in the mists of time – April actually – the Swedish National Debt Office vindicated the Russian’s proposal to acquire 30% of Saab – even taking the extraordinary decisions to hire a private investigator and legal team in Moscow that found Antonov clear of any financial rumours.
Youngman’s Saab project director Rachel Pang also confirmed to me earlier today she was still in Stockholm and still in talks with Saab, but that she was leaving the country tomorrow.
Meanwhile, the much-awaited October salaries have still not been paid, IF Metall legal advisor Darko Davidovic told me this afternoon, with the union waiting, just as everyone else is, to see what happens in the next couple of days.
IF Metall is holding a phone conference with its national and local board this evening and is holding off taking any further salary action until it sees what will happen in the talks tonight.
So many strands, so many elements, so much riding on what happens in Stockholm.
There is a giant wave of goodwill still driving Saab on, but many in Sweden and the employees in particular, are hoping all the players reach a swift and positive conclusion as quickly as possible.
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