Saab says both CEOs of prospective Chinese buyers Youngman and Pang Da attended today’s creditors meeting (31 October) in the Swedish town of Vanersborg, while it appears current chief Victor Muller will relinquish his post to become an adviser..
The creditors – who included a significant number of suppliers owed around EUR150m (US$209m) – gave a ringing endorsement to Saab’s restructuring plans which, with a Chinese cash injection of an initial EUR650m, could see payments starting around the end of January, 2012.
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“They [Youngman CEO Qinhua Pang and Pang Da chairman and owner Qingnian Pang] stood up in court and talked about the investment they intend to make,” a Saab spokeswoman told just-auto. “Mr Pang and Mr Pang travelled all the way primarily to participate in this meeting.”
Both Chinese parties were in intense negotiations with Saab last week after having an earlier proposal rejected by Muller and, although the Swedish manufacturer is cautious about giving a production restart date, its financial future looks more assured than for a considerable time.
Saab’s ever patient suppliers, too, appeared to overwhelmingly back proposals for the automaker to come back with a payment plan timetable, with most seeming to endorse the ongoing reorganisation.
“From the mood in the room, the fact not a single person such as creditors and suppliers said anything negative about the future, it is very positive,” said the spokeswoman. “On the contrary this was very good news.”
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By GlobalDataMuller’s future, however, appears clouded in uncertainty, with European automotive supplier association CLEPA CEO Lars Holmqvist telling just-auto last week: “I don’t know if Victor Muller is staying or not. “If he stays, it will be for a short period of time. I don’t think he would be interested in running a company for someone else.”
Muller has invested a huge amount of personal time into putting together a rescue package for Saab with myriad false dawns repeatedly dashed against the reality of financial problems and rejection of potential backers such as Russian businessman Vladimir Antonov by the European Investment Bank.
“Victor Muller stays on as CEO until we find a new CEO,” said the Saab spokeswoman. “He is still the owner until all of this legally go[es] through [and] has also said the Chinese parters want to still have him involved as an adviser to help with the transition.
“The CEO, he has never intended to have that position in the long term.”
