Scandinavian supplier body FKG has expressed scepticism concerning the length of a lease deal Saab has secured on its property to raise US$39.3m.
The propety deal is a highly complex agreement that will see Saab Automobile enter into a lease agreement with Saab Property for 15 years.
A consortium of Swedish real estate investors led by Hemfosa Fastigheter will buy 50.1% through Saab Property, but FKG raised concerns surrounding the long lease as well as noting the fall in the buildings valuation.
“There was a very long lease period of 15 years,” FKG managing director Sven-Ake Berglie told just-auto from Gothenburg. “Most people don’t believe Saab will survive 15 days.
“The facility has a value of SEK1.2bn calculated during the restructuring of Saab. Now they put the value of it [at] SEK700m, a value that reflects if Saab was in bankruptcy.”
The FKG chief added he believed Saab had said if the sale and lease-back deal, the European Investment Bank loan and cash from potential Chinese partners came in, the total could reach between SEK800m and SEK900m.
However, Berglie added in his opinion Saab had not reserved money for wages and suppliers for the next three months, although the automaker announced yesterday (27 June) a payment of EUR13m from an unnamed Chinese source to pay its staff their June wages.
FKG noted a previous offer from Saab to pay 10% of existing money owed to suppliers was “still on the table,” but had not yet been agreed with all component makers.
“They need an agreement with Saab on how to handle the outstanding debts,” he said. “It would have to be agreed with each company and I guess some of them might insist on a full payment up front.
“This story is now so complicated and difficult to forecast.”
Saab was not immediately available for comment.