SWEDEN: Spyker doubtful on cash injection for Saab
Spyker Cars will enter another round of talks today with the European Investment Bank but is doubtful that it can agree to the EIB's terms for a quick cash injection.
Production at Saab has been halted for more than two weeks after it failed to pay suppliers' bills.
The EIB has agreed a deal in principle with the company to ease its cash crunch, but Spyker has objected to the bank's conditions.
Saab wants to sell its plant and other property to Russian financier Vladimir Antonov and lease it back; this would provide cash to pay overdue bills.
The stumbling block appears to be the EIB's insistence that Saab must replace Antonov as the purchaser within a limited time frame.
"It is not yet certain whether the above parties will be able to fulfill all of the conditions of the EIB and finalise the sale of Saab property within a short timeframe," Spyker Cars said.
But EIB vice-chairman Eva Srejber said that the bank's only condition that was holding up the deal was the insistence that Spyker must have "formally correct approval" from previous owner GM for the property sale and leaseback plan before the bank would agree the deal.