IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Thursday, March 31, 2011

On EIB loans, new shareholders and stopped deliveries

The roller-coaster ride continues.

Saab has applied for more loans from the European Investment Bank. So far the loan agreement has a limit of EUR 217 million and the most Saab can loan is EUR 400 million. I assume that this additional loan, if approved, can like the first 217 million, only be used on research and development, and not to run the factory.

The Swedish National Debt Office says that the application to approve Antonov as a shareholder in Saab, can take weeks to process rather than days.

Supplier IAC has stopped all deliveries to Saab. They indicate that they have not been paid and that the talks with Saab hasn't led to a solution so far.

Update: Another stop at Saab today because of problems with supplies.