In addition to the above agreement, Saab announced the formation of a Sweden-based joint venture company between itself and Youngman called NPJV, which will focus on the development of three new product models.
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The loan’s annual interest is 10% and the conversion price is €1.38 per share, while Saab can at any time repay the loan, presumably when the expected Pang Da and Youngman Lotus funding is received, without a penalty.
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Another day, another chapter in the ongoing saga that is the survival of Saab. After yesterday’s order from a (yet unnamed) Chinese company, which temporarily solved its cash-flow problem, today the automaker announced that it has reached an agreement with a consortium of Swedish real investors led by Hemfosa Fastigheter AB, for the sale of 50.1% of Saab Property for a period of 15 years.
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The pre-payment is to be received this week, giving Saab a much needed funding to pay its workers and suppliers. This, however, is only a short-term lifeline for the ailing company and the efforts to secure funds that will guarantee the brand’s future and restart production, which has been halted again since June 8, are ongoing.
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Swedish Automobile said it and Saab “are in discussions with various parties” to secure short-term funding, including through a sale and lease-back of Saab’s real estate assets.
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"There will be no normal production during weeks 25 and 26 (June 20th-July 3rd)," Saab spokeswoman Gunilla Gustavs told Reuters. "We are still negotiating with all suppliers and we need to get everyone on board at the same time. The weeks of 27-29 (July 4th-24th) are planned to be normal working weeks".
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In any case and with Saab’s future depending on deals that still need to be approved from Swedish, European and Chinese officials, the company gave out UK pricing information on the 2012 model year 9-5 range, which benefits from the introduction of the SportWagon and a series of enhancements, including additional features and further reduced CO2 emissions for all engines.
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"The property sale is now being discussed with external investors," said Lars Carlstrom, Antonov's representative in Sweden. However, Carlstrom noted that the Russian banker was still interested in becoming a shareholder in Saab’s parent company Spyker Cars NV.
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Today, Spyker signed a non-binding memorandum of understanding (MOU) with two Chinese firms, Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), which if approved by regulators, could see the company falling into the control of Chinese hands. We'll remind you that Saab had previously signed a deal Chinese firm Hawtai but it failed to go through Chinese regulators.
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Saab said that it anticipated production hiccups in the start-up phase, as the supply chain still is not fully operational with some suppliers holding back until they get paid and others trying to re-stock.
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Enter the world of the Strand Craft Limousine Beach Cruiser, a vehicle that looks like a crossover between a limousine, a convertible and a yacht – yes, you read correctly, a yacht. Essentially a beach shuttle, the Stand Craft has been conceived for luxury hotel chains willing to offer their clients premium service. More specifically, to carry six passengers from the hotel to the nearest beach as fast and as comfortable as possible.
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The Swedish automaker said that as with the first order, Pang Da will pay the additional €15 million order up front with the funds expected to be received by the end of this week. Delivery of the vehicles ordered by Pang Da will start in the fall of this year.
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