Press Release: Swedish Automobile Update On Additional Short-Term Funding

Trollhättan, Sweden: Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that a Chinese company placed an order to purchase 582 Saab vehicles with a total value of EUR 13 million from Saab Automobile AB (Saab Automobile) and the full pre-payment is expected to be received this week, providing Saab Automobile with short-term funding to pay the wages to its employees and make partial supplier payments.

Swedish Automobile and Saab Automobile continue their discussions with several parties to secure additional short-term funding to restart production. There can, however, be no assurance that these discussions will be successful or that additional short-term funding will be obtained. Discussions on the sale and lease-back of the real estate of Saab Automobile are ongoing.

Victor Muller, CEO of Saab Automobile and Swedish Automobile said: “I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees’ wages before the end of this month. The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile. We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon.

Mr. Vladimir Antonov’s interest in participating as an investor/financier in Swedish Automobile remains unwavering, but he is still awaiting a decision on his clearance from parties at interest following the Swedish National Debt Office (NDO) recommendation to clear him over 8 weeks ago. Once clearance has been obtained, Mr. Antonov can provide much needed financing and/or capital to Swedish Automobile/Saab Automobile at this critical time. We are pushing hard to obtain this vital clearance as soon as practically possible”

Swedish Automobile will update the market of any new developments.

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14 Comments

  1. So when will Maud Olofsson approve Antonov? Never? I will never vote for her or “centerpartiet” again.

  2. We live another day. Well done everyone.  Hopefully we’ve passed the bottom and its up from here.  Hang in there Saab. 

  3. The resilience of the Saab factory is truly phenomenal.  It’s definitely not going to end up like Rover in England did.  Unlike Rover which produced more cars than it could ever sell, Saab reportedly has sufficient orders in its book.  It’s only that it couldn’t produce enough cars to fill those orders due to prolonged stoppages in the last 2 years.

  4. This is so frustrating. Investors are out there willing and able to support Saab, only governments and the EIB stand in the way. C’mon EIB, approve Mr. Antonov, Congratulations to VM and staff at Saab for their great efforts.

  5. Is this really a new placed order or is it just the second order from Pang Da reported over a month ago??? I remember the very same figures from that order! In my humble opinion, this is just an attempt from VM to bring some positive news for SAAB (when everything seems dark), when it´s actually old news! I hope I´m wrong and this turns out to be another order from another company in China!!

    1. There would be rather severe consequences for mis-stating something so significant.  Remember, we are a listed company with all the legal requirements that that entails.  I’m on the other side of the world (still) at the moment so I don’t have much in the way of details, but I’d urge caution in stating your opinion in such a factual manner without substantiation.  Bad news tends to spread that way 😉

      1. I understand and I´m sorry for maybe expressing my thoughts to fast! Believe me Steven, I love SAAB and I´m on your side all the way!! I just got confused when I read about the numbers, 582 cars and 13 million Euros without knowing where that order came from!!! Again, I am sorry!!

        1. No need to apologise.  There’s just been a lot of theories floating around a lot of places in recent times.  Just trying to ensure they don’t proliferate here.  Thanks for chipping in.

  6. At least the workers are going to get paid.  This is huge news.  The ups and downs of the company, I’m sure have affected the workers the most.  Yes, the fans of Saab have a vested interest in the company, but the workers lives are at stake.  I’m glad to read that the workers will be taken care of – at least for this month.

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