Saab to Sell Real Estate Property to Generate Cash

With the suppliers asking for a resolution to the payment problems for Saab this week, the Swedish manufacturer, together with its recent owner Spyker, are looking for the best solution to generate cash and resume production at the Trollhattan plant.

One of the ideas Spyker had, forced by the dire circumstances, is to sell Saab's real estate to a financial institution and then lease it back from them in order to continue operations. The financial institution with which Spyker is negotiating is controlled by Russian investor Vladimir Antonov.

Even if it confirmed it is negotiating the sale of the real estate, this doesn't mean, however, the situation has been resolved. Spyker admits that the “outcome of the discussions is still uncertain and subject to the approval of the Swedish National Debt Office.”

On its part, the National Debt Office is looking into ways to release some of the collateral put up by Saab for its loan with the European Investment Bank.

"We continue to work on the Saab situation, we have been working all weekend and we continue to work today," National Dept Office spokesperson Unni Jerndal was quoted as saying by Dow Jones.

Currently, Saab has stopped producing cars because of the lack of parts from suppliers who haven't been paid. Antonov, the man who GM forced to leave Spyker before Saab could be sold, is now the single biggest hope for the brand which no more than a month ago was celebrating one year of independence and was announcing huge plans for the future.