Swedish Auto (formerly Spyker) has announced the signing of an agreement with Gemini Investment Fund Limited for a loan of 25 million euros, which will provide additional funding to Saab in the short term. The loan, with a rate of 10% per annum, has a maturity of 6 months. Swedish Car may redeem the loan at any time without penalty and intends to use this possibility as soon as the funds received from insurance agreement with Pang and Youngman.
Upon receipt of the 25 million guaranteed by Gemini and the definition of the agreement on payment terms with suppliers, Saab expects to be able to access further tranche of the loan guaranteed by the European Investment Bank amounting to 29.1 million. To 13 million of orders received in recent days by a Chinese company and 28 million from the sale of the property (subject to certain conditions), then you add the 25 million Euro loan Gemini for a total of 66 million Euros of funding available this week.
Saab Automobile expects to have available the liquidity necessary to resume production within two weeks.
Upon receipt of the 25 million guaranteed by Gemini and the definition of the agreement on payment terms with suppliers, Saab expects to be able to access further tranche of the loan guaranteed by the European Investment Bank amounting to 29.1 million. To 13 million of orders received in recent days by a Chinese company and 28 million from the sale of the property (subject to certain conditions), then you add the 25 million Euro loan Gemini for a total of 66 million Euros of funding available this week.
Saab Automobile expects to have available the liquidity necessary to resume production within two weeks.
- Official: Saab secures $36M bridge loan from Gemini Investment Fund (29/06/2011)
- Saab received 25mln Euros credit from Gemini (29/06/2011)
- Saab in property deal to help pay debt (28/06/2011)
- Saab can now afford to pay staff (28/06/2011)
- Saab Automobile secures short-term funding; production to resume (02/05/2011)
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