Another day, another deal gone sour for Saab and its parent company Spyker Cars N.V. Today, less than two weeks after Saab announced an agreement with China’s Hawtai Motor Group that would have invested €150 million (US$215 million) into the company in exchange for a 30% stake, Spyker said that the deal has fallen through raising new doubts about the Swedish brand’s future.
“Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect,” Spyker said in a statement.
Despite the collapse of the rescue deal, Saab said that it continues talks with Hawtai and to other potential Chinese partners as well.
“The parties will continue their discussions about a possible cooperation, however now on a non-exclusive basis. Spyker and Saab Automobile continue to work on securing short and medium term funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners,” the press statement said.
Production at Saab’s Trollhattan factory came to a halt on April 6 after the company’s suppliers stopped deliveries in protest over unpaid bills. However, the company said that it would pursue discussions with the European Investment Bank (EIB) to draw another €29 million (US$41.6 million) on its loan in order pay its suppliers and restart production.
“As soon as the EIB drawdown or other equivalent funding is confirmed, Saab Automobile plans to restart production depending on the outcome of discussions with its suppliers on terms to resume supplies of materials and services to Saab Automobile.”