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Spyker confirms talks to sell Saab real estate

AFP/The Local · 11 Apr 2011, 12:20

Published: 11 Apr 2011 12:20 GMT+02:00

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"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.

Story continues below…

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.

AFP/The Local (news@thelocal.se)

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Your comments about this article

12:50 April 11, 2011 by Arcticeric
going to miss you Saab...
13:47 April 11, 2011 by Paulsaero
I'm surprised that a sale and lease back agreement was not in place already as it's a very common way of financing a business. There are certainly costs over time but there is a short to medium term benefit to the cash position and that is exactly what Saab needs right now.

I hope that conjecture on Saab's demise are premature.
14:06 April 11, 2011 by jack sprat
Saab has gone out of the frying pan right into the fire.

Spiker has a shocking track record and has made huge financial losses in relation to its size every year it has been in business.

There is little point throwing more good money after bad.

Possibly the rights to the Saab name will eventually be taken over and carry on with a degree of success in some other part of the World, however as far as Sweden is concerned it seems all over bar the shouting.
14:09 April 11, 2011 by Nemesis
This is just blatant asset stripping, nothing else.
16:53 April 11, 2011 by Rick Methven
I have been a loyal SAAB driver for over 30 years, but bought my first non-SAAB car 4 months ago. I have still kept my 9-5 Aero though. a couple of weeks ago I needed a new ignition switch for it and was lucky enough to have got the last one in the country as the dealers are no getting spares either.

The question is should I hang on to the Aero and hope it's value will go up when production stops or sell as quick as I can?
20:41 April 11, 2011 by Arcticeric
as I understand it, when Saab goes belly up, the Swedish state will own the spares division...
07:02 April 12, 2011 by Paulsaero
which is fine so long as there are spares being made...
11:18 April 12, 2011 by Graeme.H
Spare parts division will be moved to mexico, where non swedish wages and no fika paus go a long long way. Just look at the SAAB SUV, made in Mexico, Engines from Australia. But hey a lot to be said for Swedish pride...but at the end of the day, SAAB doesn't compete on a world market. End of story
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