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, October 5, 2011

EUR 70 million loan taking time to arrive

Saab is now two weeks into the reconstruction. When a company is in reconstruction, one of the conditions is that all purchases must be paid in cash. For Saab this means that the EUR 70 million bridge loan from Youngman is required in order to survive the reconstruction period. This loan was supposed to be received by Saab September 25. But so far no money has reached Saab.

"The money has not come in yet. We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money," Saab spokesman Eric Geers told Reuters.

According to Geers, Saab still has enough money to get by, but he would not say for how long. Saab is of course eager to get the money from Youngman.

"It is hard to say exactly when this process will be finished. But it will be soon," Geers said.