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business

Cash Injection and possible China deal for Saab

Updated tisdag 3 maj 2011 kl 08.15
Published måndag 2 maj 2011 kl 17.25
Saab Autos Chairman Viktor Muller
(1:55 min)
Saab's factory in Trollhättan. Photo: Scanpix

Saab's owner says the factory may be making cars again in a week.

Speaking to Swedish Radio News Victor Muller says that his company has borrowed over US$ 45m from the Gemini Investment Fund, which is registered in the Bahamas. The fund already owns ten per cent of Saab Automobile's shares.

And Saab has also announced a deal with a Chinese company, Hawtai Motor Group. The details will be revealed in a press conference in Beijing, on Tuesday morning.

Victor Muller is the owner of the Dutch company Spyker Cars, which owns Saab. Spyker saw its shares on the Amsterdam stock exchange go up by four per cent after this loan was announced.

Saab was forced to halt production at the beginning of April due to a dispute over unpaid bills.

"Saab automobile aims to restart production within a week, pending agreements on delivery schedules with its suppliers," it said in the statement.

"I would like to apologise to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks," said Victor Muller, Spyker's chief executive and Saab Automobile chairman.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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