Saab promises to resume production within a few weeks as money is reported to be in sight


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Monday, 02 May 2011
Saab owner, Spyker, Cars says it is in the mist of fixing up money to start production at the Saab factory again. The goal is to launch production within a week, writes Spyker in a statement.

Spyker is reported to have borrowed €30 million euro (about 270 million) from Gemini Investment Fund Limited. In addition, the company will leverage €29.1 million by cutting back on the EIB loan accordingly.
"Yes, it is our own loans. Absolutely, "said Eric Geer, spokeswoman for Saab Automobile, to Swedish news agency, TT.


The loan is reported to be some convertible type of bond and runs for six months at an interest rate of 7 percent. Now, negotiations with suppliers begin to obtain components for a factory that has stood still for almost four weeks. Many of them have large claims on the Saab.
Saab's owner Victor Muller is still in China, together with some Saab People and discussing possible cooperation with several Chinese automotive companies.

In a press release from Spyker, the Saab Automobile's President Victor Muller, as sough apology from employees, suppliers, dealers and customers for the recent turmoil.
"We will do everything in our power to restore confidence in the company as soon as practically possible, "said Muller.

Spyker Cars shares rose more than 4 percent on the stock exchange in Amsterdam on the news.
According to several sources, Vladimir Antonov group Convers Group is behind the Gemini loan. One indication has to do with that the domain name, the fund's website, has been recorded on Convers Group.

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