While Saab failed to meet payroll and looked as good as dead a week ago, another twist is keeping the flame alive.
In the span of two days, the manufacturer found a Chinese white knight that ordered $18.4 million worth of Saab vehicles and announced a property sale and leaseback deal worth about $40 million. The latter involves selling a majority stake in Saab Automobile Property, which owns the Trollhattan plant and additional assets, to Swedish real estate company Hemfosa.
The money would allow Saab to pay idled workers and cover some unpaid bills claimed by its parts suppliers, which have been boycotting the automaker since March. If everything goes according to plan, production might resume at normal capacity, giving Saab a new lease on life.
But first, the Swedish National Debt Office, the Swedish government and the European Investment Bank must approve the deal. Swedish authorities have already given a tentative approval, but the EIB could offer some resistance, having rejected an earlier leaseback deal that would have paired Saab with wealthy Russian businessman Vladimir Antonov.
The saga continues!
Source: The Detroit Bureau
In the span of two days, the manufacturer found a Chinese white knight that ordered $18.4 million worth of Saab vehicles and announced a property sale and leaseback deal worth about $40 million. The latter involves selling a majority stake in Saab Automobile Property, which owns the Trollhattan plant and additional assets, to Swedish real estate company Hemfosa.
The money would allow Saab to pay idled workers and cover some unpaid bills claimed by its parts suppliers, which have been boycotting the automaker since March. If everything goes according to plan, production might resume at normal capacity, giving Saab a new lease on life.
But first, the Swedish National Debt Office, the Swedish government and the European Investment Bank must approve the deal. Swedish authorities have already given a tentative approval, but the EIB could offer some resistance, having rejected an earlier leaseback deal that would have paired Saab with wealthy Russian businessman Vladimir Antonov.
The saga continues!
Source: The Detroit Bureau