Embattled Swedish automaker Saab is in discussions to enter a sale and leaseback agreement for some of its real estate. According to the Wall Street Journal, parent company Spyker is considering selling some of Saab’s assets to Russian investor Vladimir Antonov.
The news comes in the wake of a tough week for Saab. Suppliers stopped shipments of essential parts due to unpaid invoices, halting new vehicle production in Sweden for days. On Friday, the company said it was seeking the release of collateral in government-backed loans to help pay suppliers and thus restart production lines. Today’s announcement provides even more evidence that Saab is scrambling to find a way to pay its overdue bills. Saab reportedly owes several million dollars to parts companies.
Spyker confirmed that it is discussing a real-estate sale and said in a statement, “the outcome of the discussion is still uncertain and subject to the approval of the Swedish National Debt Office. It is expected that further announcements will be made shortly.”
Sources: Wall Street Journal, Spyker