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Sweden stands ready to support Saab

The Swedish government stands ready for immediate negotiations with bidders for Saab about state guaranteed loans.

Related news:
• Three groups are bidding for Saab
• Saab workers ready to fight for survival
• Is there a life without Saab?
• "GM bankruptcy has no effect on Saab"
• Time's up in three months, Saab

“We have met with all three interested parts and we know that some of them are interested in state guaranteed loans”, said Jöran Hägglund, undersecretary at the Ministry for Industry, to business daily Dagens Industri. “But the groups are not equally interested and it’s not certain that guarantees will be needed”.

However, sub-constructer to the crisis-hit car industry is not likely to get any state support. They have been asking for milder conditions as a part of the government’s emergency package for the auto industry.

“I can’t promise that there will be a change”, Jöran Hägglund said. “We are restricted by a new set of EU rules that came after the emergency package was released”.

It’s been six months since the government announced the 28 billion kronor (€2.6 billion) aid package for the car industry. So far none of the credit guarantee funds or emergency loans have been paid out. Critics say that the contractual stipulations are to tough.

Three groups are said to be looking at Saab, owned by General Motors and based in Sweden. According to Financial Times, the groups are Swedish supercar maker Koenigsegg, the private holding company Renco and a third group of investors from the US state of Wyoming. GM has invited these three groups to meet for talks this week.

Last Updated (Thursday, 11 June 2009 07:21)

 

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