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.

Monday, May 9, 2011

EUR 30 million Gemini loan amount received by Saab

Updated with words from Svenåke Berglie of the suppliers association and Unni Jerndal, head of communication at the NDO.

Swedish news agency TT reports that Saab has gotten the EUR 30 million they agreed to from Gemini Investment Fund Limited. This means that there is money to pay the suppliers who have stopped their deliveries. It is unknown if the EUR 30 million is enough to pay all supplier. It is also still unknown when production will restart. According to Dagens Industri, production is expected to restart early next week.

According to Dagens Industri, Svenåke Berglie who is head of the suppliers association, the EUR 30 million will not be enough to pay all debt to the suppliers. The EUR 30 million loan from Hawtai and the EUR 29,1 million from the EIB to be used in R&D projects are also needed.

Unni Jerndal, head of communication at the National Debt Office, says that these loans can be received by Saab without any ownership review being necessary.