Spyker Seeks To Raise Cash For Saab
AMSTERDAM - the owner of Swedish car maker Saab Automobile, said Tuesday it has asked the Swedish National Debt Office to allow it to sell and lease back Saab properties to secure the funding it needs to resume production.
Spyker reiterated in a statement that it is in talks with several parties to secure short- and medium-term funding. It said it hopes to give more details before Thursday, depending on whether the Swedish debt office approves the request.
The statement comes a day after Spyker said that it was in talks with a financial institution controlled by Russian financier Vladimir Antonov for the sale and leaseback of Saab Automobile's real-estate operations, reported The Wall Street Journal.
Mr. Antonov, who was forced by General Motors Co. to withdraw as a Spyker shareholder before the U.S. giant sold Saab to Spyker, has said that he would be willing to invest €50 million ($72.1 million) in Saab.
Legal documents outlining Saab Automobile's assets in March 2009 valued the company's buildings and grounds at 915 million Swedish kronor ($146.1 million).
The Swedish National Debt Office said Tuesday that it continues its work on trying to resolve Saab Automobile's financial problems, but declined to go into detail. "We are working hard to find financial solutions for Saab and we have been for some time," said debt office spokeswoman Unni Jerndal, adding "there's been a lot of late nights and early mornings."
Saab's production currently is halted because it has been unable to pay its suppliers. Spyker said Tuesday it expects to be able to resume production within a week of receiving new funds.
The Swedish National Debt Office, which overseas state-backed guarantees for €400 million in European Investment Bank loans to Saab Automobile, said last week it could release some collateral put up by the car maker to secure the guarantees. The collateral consists of pledges of shares in three holding companies for Saab assets: real-estate arm PropCo., tool operations ToolCo., and spare-parts business PartsCo.
"The Swedish National Debt Office has been requested to release its pledge in the shares of Saab Automobile Property AB in order to enable Saab Automobile to use this property to secure further funding. This is one of the funding scenario's Saab Automobile is currently working on," Spyker said in a statement.
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →