Saab to Restart Production on August 9th
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The European Investment Bank approved the property deal on Tuesday. The owner of Saab, Swedish Automobile, formerly Known as Spyker Cars NV, last week signed a €28 million ($40 million) deal to sell 50.1 percent of Saab’s property unit, Saab Property AB, to a consortium of investors led by Hemfosa Fastigheter as part of efforts to ease its cash crunch.
Saab will get about €25 million at the closing of the deal. The rest will be paid in the form of a bond. The consortium is allowed to boost its investment to €33 million within 30 days of the deal’s closing,according to autonews.com. Saab and Swedish Automobile say they have been able to raise about €61 million in “additional funding commitments,” hopping it will be the star in order to get them out of the dark period they are in.
Saab continues to negotiate with its suppliers to get them to resume deliveries. Saab said today that it is targeting August 9th as the start date because its suppliers ”require a longer lead time to resume adequate supplies” and to take into consideration summer shutdowns at many of the component makers.
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