As the day in question is tomorrow and there are still a few headlines going around about this, I thought it wise to bring it back to the top of the page.
Despite the sound of the headline, this is not a press release.
The purpose of this posting is two-fold: to talk of the delay in the submission to creditors that was planned for November 22, and to clarify what was going to happen on that date.
As has been mentioned in the media already, Saab/Swan and Guy Lofalk have taken a decision to delay submitting their composition proposal to creditors. According to the time plan mentioned at the Creditors Meeting on October 31, this proposal was due to be submitted on November 22. As with much of what’s happening as part of this process, however, that date on that October plan was a preliminary date, and subject to change depending on the prevailing circumstances.
Right now, the prevailing circumstances include ongoing negotiations with our partners and stakeholders. We submitted a purchase proposal to General Motors, which they rejected. We are now negotiating a proposal with a view to getting an outcome that will be acceptable to all parties and it was held that the November 22 submission should be delayed in order to facilitate those ongoing negotiations.
There’s been a fair bit of anxiety over the November 22 date and what it might entail for Saab. It has been described in some reports as another Creditors Meeting, which implies a decision point in the process. This is not actually the case.
What was actually due to happen was the submission of what is referred to as a composition proposal. This is a proposal sent to creditors by Saab for their consideration, one that specifies how Saab intends to pay back outstanding debts, as well as a proposal on future payment and delivery terms. Our creditors and suppliers have been notified about this delay by Saab’s purchasing department as part of our ongoing conversation with stakeholders.
There is no replacement date for November 22 at this stage, but obviously everyone concerned would like to get this process moving as soon as possible. We also have to get it right, however, and the first crucial step in getting it done right is to get a purchase proposal together that all parties can approve, which is what we’re working on right now.