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Saab Lines Up $40 Mil Deal to Pay Down Debt

Maker hoping it can soon re-start idled assembly plant.

by on Jun.28, 2011

Saab's factory could soon be running again - or so the automaker now hopes.

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.

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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.

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