Reuters (Amsterdam) - Swedish Automobile (SWAN.AS), the parent of ailing carmaker Saab, on Tuesday announced a property sale and leaseback deal worth 28 million euros, providing further funds to settle bills and salaries. Saab has been scrambling for cash after saying last week it did not have enough money to pay staff, compounding a crisis at the Swedish carmaker which has been idle for two months since unpaid suppliers stopped delivering parts.
On Monday, Swedish Automobile, which until recently was called Spyker, said an undisclosed Chinese company had ordered 582 Saabs for 13 million euros ($18.4 million), and that full pre-payment was expected this week. On Tuesday, it announced that Saab Automobile had reached a conditional agreement to sell 50.1 percent of the shares in Saab's property to a consortium of Swedish real estate investors led by Hemfosa Fastigheter, in a deal valued at 28 million euros. The real estate investors have the right to purchase additional shares, increasing the amount to 33 million euros. "We are very pleased with the agreement with Saab Automobile. We will continue to add value for Saab Automobile in developing the property," said Jens Engwall, chief executive of Hemfosa Fastigheter AB, in a statement.
