Sweden’s National Debt Office is meeting today (18 April) in Stockholm to discuss Saab’s application to use its property to release collateral.
The automaker, whose factory will likely remain idle for the rest of the week following supply payment difficulties, has applied to the Debt Office to allow its Trollhattan factory to be sold and leased back.
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However, Saab conceded there were “conditions attached” to the deal that even if approved by the Debt Office, will still have to go before the European Investment Bank (EIB) for final ratification.
“The government has said yes to a selling [of] our property, there were some conditions attached,” a Saab spokesman in Sweden told just-auto. “You sell and lease back, so we will get less loan from the EIB.”
The Luxembourg-based EIB agreed to a EUR400m (US$573m) loan to Saab that was guaranteed by the Swedish government, but following supplier payment problems, the automaker requires a further cash injection to allow it to restart work.
“The moment we have secured the financing, and we have agreed [with] suppliers, it will take a little bit less than a week,” said the Saab spokesman.
With the Easter break starting in four days time, Saab added production would “certainly not” begin this week.
A spokeswoman for the National Debt Office told just-auto in Stockholm it would release further details once the meeting today (18 April) had finished.
