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 2, 2011

Saab restarting production within a week

Spyker Cars NV, the parent company of Saab Automobile AB, has issued a press release stating that short-term financing is secured and that Saab aims at restarting production within a week.

The short-term financing is secured through a EUR 30 million convertible loan from existing shareholder Gemini Investment Fund Limited. In addition Saab will request to draw another EUR 29.1 million from the loan in the European Investment Bank.

According to Dagens Industri and Svenska Dagbladet, Gemini Investment Fund Limited, which is  registered in Bahamas, has connections to Vladimir Antonov's Convers Group.

As reported earlier today, Saab's Chairman Victor Muller is still in China negotiating with one or more Chinese companies to secure mid- and long-term funding.

In addition, the process to make Vladimir Antonov and his Convers Group part owner of Saab Automobile continues.

Antonov spokesman Lars Carlström had the following to say to SvD:
- I think there will be an agenda ready in the middle of the week. And then the result of the negotiations in China can be announced. I can not tell you which companies are involved, but they are companies that would be good for Saab. It should be clearly stated that all activities that occur in China is in parallel with the discussions with Antonov.