Saab Faces Problems Concerning Property Sale

Saab’s efforts to sell a part of its property to Russian banker Vladimir Antonov have reached rough waters, as the European Investment Bank (EIB) recently made some new requests, according to Left Lane News.

At this point, as the EIB report says, Saab is forced to refinance the sale or replace Antonov within a limited period of time.

This situation represents a direct effect of General Motors' - Saab’s former owner - desire to continue the deal once the Russian banker is removed. A year ago, automaker Spyker purchased the Swedish automaker and according to them, discussions with the EIB still exist as the terms of the deal are not met.

Saab Automobile is working with all parties involved on a solution to complete the sale of the property and will have further talks with the EIB today,” Spyker said.

As a consequence of lack of funds, Saab’s production since late March has suffered, with just a handful of cars having been built. This situation caused payments delay concerning components suppliers, as the manufacturer still owes around $49 million (EUR33.5 million) to its suppliers. And the bad news does not end here. Unfortunately, the automaker cannot pay this figure from the 2010 $400 million (EUR273.6 million) loan from the EIB, as the loan is considered to be used only for vehicle development and not for operational expenses.

The European Investment Bank (EIB) is preparing to have discussions regarding Saab’s issues with the Swedish government, the country’s debt office, as well as with General Motors.

Spyker is very serious regarding the sell of Saab, as the manufacturer intends to have some negotiations with some Chinese automakers referring to licensing some of its current technologies.
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