Report: Swedish gov't. working on freeing up Saab loan
Now Bloomberg is reporting that the Swedish government is looking into getting a bank loan to float the company for the short-term. The loan will most likely come from Bankas Snoras in Lithuania, which is run by Russian investor Vladimir Antonov, who has attempted to buy into the brand since GM originally put it up for sale.
The Swedish government is fighting for more than just a few thousand, albeit important jobs as well. Sweden backed Saab's 400 million-euro ($577 million) loan from the European Investment Bank, likely leaving the Swedish taxpayers on the hook for a hefty bill if the automaker goes south.
Bloomberg sources say lawyers are working on a deal that would float the automaker $48 million while the government approves the involvement of Antonov. Once approved, the Russian investor would then add 50 million Euro ($72 million in U.S. funds) to Saab's coffers in exchange for a 30 percent stake in the company.
We're thinking this deal will get done and Saab will be able to pay its suppliers. But whether the Swedish government and Antonov are throwing good money after bad is another matter. We'll continue to follow this situation as it unfolds.
[Source: Bloomberg | Image: Fabrice Coffrini/AFP/Getty]
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