Spyker may sell and lease back real estate property of Saab

Article by Christian Andrei, on April 11, 2011

Spyker Cars NV is in negotiations with a financial institution to sell and lease back real estate property of its subsidiary Saab Automobile, the company revealed on Monday. The funds gained from the deal will be mainly used to save Saab from the cash crunch that it is experiencing and to settle unpaid bills from suppliers.

Details of the talks were not disclosed. Spyker said that the outcome of the negotiation remains uncertain and still has to get the approval of the Swedish National Debt Office.

Spyker also did not reveal how much cash it could gain from the agreement. However, in the company’s annual report, it was disclosed that the value of the property, Saab’s Trollhatten assembly plant and equipment, at the end of 2010 was at 248.4 million euros ($357.7 million).

Due to the unpaid bills that have accumulated, suppliers refused to deliver components to the automaker. This caused the disruption of production at Saab’s factory for the past two weeks.

An organization representing the suppliers has disclosed that Saab owes tens of millions of crowns for such matter.

Spyker, which bought Saab last year from General Motors Co., has previously assured investors that the unit is not in the brink of a collapse, but is only experiencing a short-term liquidity problem. Last week, a Swedish business daily revealed that Spyker is attempting to release some of the collateral pledged on state-guaranteed loans in order to obtain the needed financing.

Topics: spyker, saab

If you liked the article, share on:


Login or Create new account to add a comment!


Many have been excited with the impending arrival of the next-generation Jeep Wrangler and the new 2019 Jeep Grand Wagoneer, which is slated to be the brand’s new range-topping model....
by - October 21, 2016
Chevrolet has taken the wraps off its new Chevrolet Colorado ZH2 at the fall meeting of the Association of the United States Army (AUSA). Tagged as the most extreme fuel-cell-powered...
by - October 21, 2016
Honda has unveiled the fifth generation of its hot-selling SUV – the 2017 Honda CR-V. The latest iteration of the CR-V should help it maintain its benchmark status in the...
by - October 21, 2016
Many are already expecting BMW to launch an ultra luxurious SUV that will serve at its new flagship by late 2018. Larger than the X5 and X6, the new X7...
by - October 21, 2016
Most of you may have heard or already have one of those autonomous home appliances doing the house chores. Thus, it’s not anymore unusual to see a car going places...
by - October 20, 2016