Updated with info from Bloomberg
Yesterday it was reported that Saab was in talks with a huge and well-known financier. This has now been corrected to a huge and well-known finance institution.
According to Dagens Industri, it's a huge European bank which Saab and its parent company, Swedish Automobile, are presently negotiating with to secure short- and medium-term funding. As collateral, Swedish Automobile will use it's shares in the company Saab Great Britain Ltd.
To my ears this sounds like great information. If a huge and well-known European bank is willing to back Saab, then it is a sign of confidence. And if a deal is reached, maybe Saab can get some peace and quiet from the worst of the Swedish press. And hopefully once again start focusing on developing and producing cars!
According to Bloomberg, their sources say that this is one of the five biggest banks in Europe. The funding is a SEK 1 billion loan and can be announced as early as tomorrow.
A SEK 1 billion bridge loan will hopefully be enough to pay salaries and settle the accounts with suppliers and thus hopefully restart production.
Later this afternoon Swedish Automobile will publish the semi annual results for 2011. Can we expect an announcement about this loan at the same time?
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
