Swedish debt office takes control of Saab parts unit
 |
Reprints
Print
Respond
The Swedish National Debt Office will take ownership of Saab Automobile Parts AB, a unit of bankrupt carmaker Saab.
"[Saab Automobile] Parts is an independent and solid company that currently provides Swedish spare parts for Saab passenger cars. The Swedish government will be a stable owner aiming to develop the company further," Bo Lundgren, chief of the National Debt Office said in a statement on Wednesday.
The debt office became the largest creditor in the bankruptcy estate of Saab after the carmaker filed for bankruptcy in December 2011 following several attempts to rescue the company, including a deal with Chinese investors.
Saab obtained a loan from the European Investment Bank earlier in 2011 after the debt office issued guarantees on the automaker's behalf in exchange for pledges of shares in both the parts unit and the tool company Saab Automobile Tools AB.
Earlier this year, the automaker was bought by National Electric Vehicle Sweden (NEVS), which initially said it intended to revive the marque by offering a range of electric vehicles. The company has since said it may produce a gasoline-powered Saab first and that it could launch as early as next summer.
NEVS told Automotive News Europe that Wednesday's decision was a mere formality and would not affect the company's business plans in any way.
"What is important to us is that the Saab owners will have a guarantee [with this decision] of access to Saab parts," a spokesman said.
The debt office has requested that the Swedish government transfer the shares to the state-ownership division of the ministry of finance, the statement said.
Since Saab's bankruptcy, the parts company has been owned by the bankruptcy estate.
