Another day, another new story for Svenska Aeroplan Aktiebolaget –or, as you might know it, Saab. The Swedish company announced on Wednesday that it has entered a €25 million convertible bridge loan from Gemini Investment Fund Limited.
The loan’s annual interest is 10% and the conversion price is €1.38 per share, while Saab can at any time repay the loan, presumably when the expected Pang Da and Youngman Lotus funding is received, without a penalty.
Upon receiving Gemini’s € 25 million, Saab plans to reach an agreement with its suppliers concerning their payments, and next receive €29.1 million loans from the European Investment Bank.
So, if we add up the numbers, in the past few days Saab has received a total of €66 million by selling lots of cars to a Chinese Company (€13 million), leasing its real estate (€28 million) and receiving a loan from Gemini.
Not bad at all for a company that, a little while ago, couldn’t even pay its workers and was on the brink of destruction, and now plans to resume production in two weeks.
