Momma always told us not to bite off more than we could chew, but that may be exactly what Spyker has done with Saab. The small Dutch outfit – which had trouble supporting its own Formula One team a few years back – bought the Swedish automaker from General Motors, but has been running into some problems.
Suppliers forced Saab to halt production due to lack of payment a couple of weeks ago, and then again last week, reports indicating that the company owes over a million in unpaid bills. Spyker, for its part, tried to raise some funds by selling off its own automotive operations, but that didn't seem to quite do the trick. So in a new initiative, Spyker has announced plans to sell Saab's real estate property and then lease it back.
The initiative – which is still in the planning phase – ought to help Spyker and Saab raise free up some resources in order to fund continued production, but other steps, like convincing the Swedish government to help free up some loan monies, is also going to be necessary to the brand's survival.
[Source: Spyker | Image: Nikolay Doychinov/AFP/Getty]
SPYKER CONFIRMS ONGOING DISCUSSIONS ON SALE AND LEASE BACK 0F SAAB AUTOMOBILE'S REAL ESTATE PROPERTY
Zeewolde, The Netherlands, 11 April 2011 - Spyker Cars N.V. (Spyker) confirms that it is in discussion with a financial institution on the sale and lease back of Saab Automobile's real estate property. The outcome of the discussions is still uncertain and subject to the approval of the Swedish National Debt Office. It is expected that further announcements will be made shortly.