Saab seeks solutions to pay suppliers, restart production

Article by Christian A., on April 8, 2011

Saab is currently attempting to send out some of the collateral that has been pledge against 400 million euros in loans guaranteed by authorities in Sweden, Dagens Industri reported on Friday. The funds will be used to resolve the payables that the company owes to its suppliers, according to the Dagens Industri, which is a Swedish business daily.

Saab, owned by Spyker Cars NV, was not available for comment. It has been four days since the company shut down its operations last Tuesday.

The company has disclosed that it hopes the operations will resume next week. The Swedish authorities have guaranteed the loans to the company from the European Investment Bank, with at least 200 million euros paid out so far.

Spyker has previously assured investors that Saab is not on the brink of a collapse, and that it is just facing a short-term difficulty in its finances.

Currently, Vladimir Antonov, a Russian businessman has expressed interest in saving the money-losing Saab and has already submitted formal papers to Sweden's Debt Office for permission to own a portion of Spyker’s stocks.

He disclosed that he has 50 million euros ($71.5 million) to invest. The Swedish authorities, however, will have the last say regarding Antonov’s investment.

Last year, when Saab was still owned by General Motors Co., and was losing money, Antonov has made his offer. However, media reports linking him to organized crimes made him withdraw his application upon the insistence of GM.

Saab was then bought by Spyker. Now, Antonov has cleared his name and he said that GM, which has preference shares in Saab, has approved his return to the deal.

Topics: saab, production

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