Report: Saab secures financing to restart production

Filed under: Saab, Earnings/Financials

Are the dark clouds parting over Trollhättan? According to Saabs United, it's starting to look that way. Swedish automaker Saab has just received a green light that will allow it to borrow money from a European bank.

Saab's plant is now owned by a company called Saab Automobile AB Properties, and that company is run by Vladimir Antonov. No money has yet been transferred, but this move clears the way to make that happen... pending a few conditions. The price paid for any property must be fair (whatever that means), Antonov will have to resolve any outstanding questions regarding his history and the money will go through a bank that has no connection to Antonov. It's clear that the automaker is still nervous to do business with Mr. Antonov, but the time has come where cash is urgently needed.

There's still no word yet on when production will resume. A sign that this is close to occurring, however, has come by way of suppliers agreeing to start sending in needed parts. Head over to Saabs United for more insight on this most recent development in the ongoing Saab saga.

[Source: Saabs United | Image: Fabrice Coffrini/AFP/Getty]

Report: Saab secures financing to restart production originally appeared on Autoblog on Fri, 15 Apr 2011 18:13:00 EST. Please see our terms for use of feeds.

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Source: http://www.autoblog.com/2011/04/15/report-saab-secures-financing-to-restart-production/

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