Zeewolde, The Netherlands, 23 June 2011 – Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that Saab Automobile AB (Saab Automobile) will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding. Swedish Automobile and Saab Automobile are in discussions with various parties to obtain short-term funding, including via the sale and lease-back of the real estate of Saab that was announced previously, and with their financiers in connection with current financing arrangements. These discussions are ongoing. There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.
Saab Automobile has ongoing negotiations with suppliers in reaching agreement on the terms of payments in order to resume an orderly inflow of parts and components.
Swedish Automobile will update the market of any new developments.