Following a month-long shut down, Saab has announced they have secured €30 million ($44.6 million) in short-term funding.
Following a month-long shutdown, Saab has announced they have secured €30 million ($44.6 million) in short-term funding.
The details are somewhat technical, but the convertible loan agreement was reached with the Gemini Investment Fund. In addition, the company will make a €29.1 ($43.3) million drawdown request with the European Investment Bank.
According to Saab CEO Victor Muller, "I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks. We will do everything in our power to restore the confidence in our company as soon as practically possible."
If everything works out, Saab will resume production within a week.
In related news, Saab has reportedly signed a strategic agreement with China's Hawtai Motor Group. A press conference is set for tomorrow, so stay tuned for details.