Filed under: Government/Legal, Plants/Manufacturing, Saab, Earnings/Financials
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Part of the Saab gambit for survival has been approved by the European Investment Bank. Saab’s parent company, Swedish Automobile, has been requesting approval for a plan to sell part of the property that its factory sits on in Trollhättan to a group of real estate investors led by Hemfosa Fastigheter and then lease the land back. The transaction has been given final approval by not only the EIB, but also the Swedish government and the country’s National Debt Office.
It’s sure to be a sigh of relief for Saab, as the purchase of 50.1 percent of shares in Saab Property AB gives an infusion of 205 million Kronor (around $32.4M USD) which helps in the ongoing discussions with suppliers as Saab aims to restart production. Saab says it is going to take advantage of the traditional summer shutdown to get its house in order with suppliers and other short-term funding sources, and it aims to restart production by Tuesday, August 9. Check out more details in the official release after the jump.Continue reading EIB green-lights Swedish Automobile property sale as Saab eyes production restart
EIB green-lights Swedish Automobile property sale as Saab eyes production restart originally appeared on Autoblog on Thu, 07 Jul 2011 14:01:00 EST. Please see our terms for use of feeds.
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