Sources claim that Spyker is planning to sell Saab’s real estate to Russian investor

Article by Christian Andrei, on April 11, 2011

Sources divulged that Spyker Cars NV is planning to sell Saab Automobile property to a company that Russian investor Vladimir Antonov controls. It will then be leased again to rescue the carmaker from going bankrupt. The talks are private but according to sources, there may soon be a decision from the Swedish government who has to yet approve the plan.

Saab will benefit from this deal as it offers a financial lifeline to Saab, which has been forced to halt production amid a payment dispute with suppliers.

The sources said further that the funding to purchase Saab's property would originate from one or more banks controlled that Antonov controls, either the Bankas Snoras in Lithuania or Latvijas Krajbanka in Latvia. Saab’s first suspension was announced on March 29 after suppliers halted delivering some of the components.

On April 4, Saab CEO Jan-Aake Jonsson said that Saab’s liquidity was strained further in the second half of the first quarter. He declined to provide details.

Spyker stock rose by 21% this year, meaning that the carmaker is valued at 84 million euros ($122 million). In a statement, Spyker said that it is in talks with a “financial institution," and that the outcome is unclear at this point. It also revealed that a deal would have to get the approval of the Swedish National Debt Office.

Topics: spyker, saab

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