Victor Muller, Spyker's CEO and chairman of Saab, has been working feverishly to keep Saab's balloon aloft, though hot air alone won't do the job for much longer: unless Saab can work out a way to get its hands on more cash, the company may be headed for its final place in the history books.
Work continues on a plan to sell Saab's property division, Saab Automobile Property, though it remains uncertain if the deal will be allowed to go through even if a buyer is found. Requirements placed on the transaction by the European Investment Bank (EIB), Saab Automobile, General Motors, and the Swedish National Debt Office (NDO) will all come into play.
Saab Property's shares are currently pledged to the NDO, but it plans to release that pledge as Saab has met its requirements. The release of the pledge will reduce the NDO's guarantee to the EIB by $175 million, however, effectively cutting the available credit for Saab, leaving just $92 million not already borrowed against the adjusted $410-million cap.
Lurking in the background is Russian banker with rumored mafia ties, Vladimir Antonov. Saab is awaiting approval from the EIB and NDO for Antonov to be allowed to invest in the company and help finance its operations.
Talks on the sale of Saab Property with the involved agencies and parties are ongoing.
