The cash-starved Swedish automaker Saab continues lining up funding that it hopes will permit it to pay off mounting debts and re-start its idled assembly plant.
A day after revealing that an unnamed Chinese company will acquire $18.4 million worth of Saab vehicles, the maker says it has a tentative leaseback deal in place to sell a majority stake in its Saab Automobile Property unit, which owns the Trollhattan plant and additional assets. The deal, worth an estimated $40 million, could help Saab not only meet the payroll it missed last week but also cover unpaid bills claimed by its parts suppliers.
Those vendors have been boycotting Saab since March, compounding the company’s already severe financial problems.
The latest deal would transfer a 50.1% stake in Saab Automobile Property to the Swedish real estate company, Hemfosa. Saab’s parent, Swedish Automobile, would then sign a 15-year agreement to lease the Trollhattan plant and other facilities. Hemfosa will also have the right to increase its stake in the property company by buying $7 million worth of shares.