Saab Automobile lodged an application for reorganisation today. A decision on this application is still pending as I write this. If granted, the reorganisation process will allow us court protection from creditors’ actions whilst we continue making the financial arrangements we need to carry us into our long-term deals with partners from China.
As you might imagine, it was a pretty busy day here today. I am preparing some text on the reorganisation process, some plain-speak on what it will mean for Saab and our stakeholders, but that will have to wait until the court’s decision is announced.
For now, I thought you might be interested in a first-hand view of some of the things that happened here today.
We started the day with a meeting around 9am to take the marketing, sales and aftersales teams through the press release and associated points about the actions taken today. The meeting was led by Matthias Siedl and Knut Simonsson, our global sales and marketing chiefs.
Following this, there was a presentation by Victor Muller to the full workforce at Saab inside the factory in Trollhattan.
Victor spoke about all manner of things regarding the current situation and introduced Mr Guy Lofalk, the administrator nominated by Saab to take charge of the reorganisation process. Mr Lofalk also oversaw the previous reorganisation when Saab was owned by General Motors in 2009.
Victor Muller explained the road that Saab had taken over the last few months and included his personal apologies for the current delays in wage/salary payments, explaining that the filing today would help staff to get paid sooner, whilst providing a more stable and certain environment for Saab to pursue their funding requirements.
Staff were offered the opportunity to ask questions a small number of them took this opportunity before the meeting dispersed.
L to R: Guy Lofalk, Kristina Geers and Victor Muller
Saab expected a decision from the court in Vanersborg at 2pm, however the decision has been delayed and is now expected at 2pm Thursday. A press conference scheduled for 2:30pm still went ahead and was well attended. You can see a recording of the press conference, recorded by Saabs United here.
Victor Muller spoke to the gathered press as a group before taking questions, and then stopping for individual interviews.
As mentioned earlier, I’ll have a few more thoughts to share on the reorganisation meaning and implications but that will have to wait until we have received a decision from the court, due around 2pm tomorrow, Swedish time.