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.

Wednesday, July 27, 2011

Gemini not given Saab the promised EUR 25 million loan?

Yesterday we got the news that Saab delayed payment of wages to white-collar workers due to delayed payments from investors. Today Swedish reports that it's the Bahama's based fund Gemini Investment Fund Limited that has not carried through it's payment of the EUR 25 million convertible loan. The reason is said to be disagreement around legal issues and the question of security for the loan.

It has been reported earlier that the Russian banker Vladimir Antonov is believed to be behind Gemini Investment Fund Limited. 

According to Expressen, Saab was counting on this EUR 25 million convertible loan and has therefore used all it's remaining money on paying suppliers in an attempt to restart production. This would also include SEK 25 million additionally received in the property sale, which would mean that Saab so far has received SEK 230 million for 50.1 percent of the company Saab Automobile Property AB, and with a remaining SEK 25 million to be received as soon as a suitable last estate investor is found.

On the bright side, also reports that Saab's CEO Victor Muller, yesterday was in the US trying to securing new funding to Saab.

Zhejiang Youngman Lotus Automobile Co. Ltd, the Chinese vehicle manufacturer which wants to take a 29.9 percent ownership in Saab, is also considering helping Saab. Youngman is still waiting for the approval of Chinese authorities to make its planned investment in Saab, but as the situation at Saab is getting more and more serious, the Chinese company is now according to the Middle East North Africa Financial Network considering making an additional and lifesaving investment in Saab. Youngman will meet the other Chinese partner Pang Da and Saab this week to discuss the options.