It's easy to understand the frustration of Russian businessman Vladimir Antonov's holding company director Lars Carslstrom in the tortuous saga of Saab's desperate quest to find new financing.

Carlstrom is convinced there is "no risk" involved in Antonov's proposal to buy Saab property in exchange for the cash injection so badly needed to pay suppliers and get the production lines moving again.

"Antonov is going to continue with this until it is done," Carlstrom told just-auto from Sweden. "He is confident to save Saab...but I am not confident with the European Investment Bank (EIB) process. It is no risk...it is taking far too long with this bureaucratic process."

But is Carlstrom barking up the wrong tree?

In an email sent to just-auto, EIB vice president in charge of Nordic countries, Eva Srejber noted: "We are not a liquidity provider. Liquidity financing must come from the company's cash flow, commercial banks or other sources."

The EIB also requires former Saab parent General Motors to approve the property sale but adds as of yesterday (26 April), there had been no final approval from the US manufacturer. However, Larstrom does not believe GM to be the issue.

Srejber added nonetheless she understood the situation at Saab was "very difficult and trying" and that it was working with the other three parties to resolve the final step.

The bank points to its lending of EUR3.7bn (US$5.4bn) as evidence of its commitment to Swedish industrial R&D - although this does include non-automotive sectors.

It's a fiendishly complex situation that shows no sign of becoming any less complex with the two issues of property sale and Saab ownership up for discussion.

A Swedish National Debt Office spokeswoman confirmed to just-auto it had a meeting with Antonov yesterday, but that it had "no official information." The Russian businessman will be banking on some official information being forthcoming soon.