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Spyker confirms talks to sell Saab real estate

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Spyker confirms talks to sell Saab real estate
12:20 CEST+02:00
Spyker Cars, the Dutch owner of embattled Swedish carmaker Saab, has confirmed that it is in talks to sell off Saab properties in a bid to address cashflow problems which have left production at a standstill.

"Spyker Cars confirms that it is in discussion with a financial institution on the sale and lease back of Saab Automobile's real estate property," it said in a statement.

"The outcome of the discussions is still uncertain and subject to the approval of the Swedish National Debt Office," it said, adding "further announcements will be made shortly."

Saab said last week it was suspending car production until further notice as a conflict with suppliers over unpaid bills rendered supply unstable.

Production had been halted three times the previous week, but last week's halt was the first time since Spyker bought Saab in January 2010 that the carmaker was forced to halt production without a set date for starting it up again.

Sweden's National Debt Office has a say in Spyker's business because it guaranteed a European Investment Bank (EIB) loan to Saab.

The announcement sent Spyker shares slightly up 2.56 percent to €4.19 on the Amsterdam stock exchange in early trading on Monday.

Before being rescued at the last minute by Spyker, iconic Swedish carmaker Saab spent 20 years under US auto giant General Motors, during which time it did not turn a profit.

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