US: Endeavor Advisory Group optimistic Saab deal will be "consummated."
Author: Simon Warburton | 31 August 2011
Saab's US investment firm hired to haul it out of its financial quagmire says it is hopeful a deal with Saab can be "consummated" as the desperate manufacturer seeks to pay suppliers and staff.
Endeavor Advisory Group previously said it had secured positive feedback from private equity and hedge funds, although declined to name the identity of any potential new funding source.
Speculation has centred on a potential bridging loan for Saab as it battles to escape the enormous twin pressures being exerted by unpaid staff and suppliers, with Endeavor hinting a possible deal may be in the offing.
"As far as Endeavor is concerned, a positive conversation is going on, in terms of Saab, in terms of the bridging loan," an Endeavor spokesman in New York told just-auto.
"I can't pinpoint what will be announced later today or announced whatever. There are number of people interested in the deal, that is a fact, that nobody would dispute."
Endeavor is declining to discuss what impact any deal could have on the parties to whom Saab owes significant cash - "that is beyond my control" - but the automaker's major white collar union today (31 August) told just-auto it had sent the manufacturer a letter outlining wage arrears for August.
"[Endeavor's] job was to go and find Endeavor relationships [with] major financial institutions, some of the world's largest private equity and hedge funds," added the New York spokesman.
"I am hopeful it will be consummated. It would be good for the economy of Sweden."
Endeavor previously noted it had clients who had financed the automotive sector in the past.