Saab drags in another €41 million – but it’s still not enough

The Saab financial problems continue, despite €28 million from a sale and lease back deal and €13 million for car sales to China in the last few days.

It’s a tough call, knowing how often to report on the financial woes still engulfing Saab.

Do we rush to run a story every time we get a bit of information in from Saab, or elsewhere, on the latest developments?

Or do we do a weekly roundup? The reality is we’re doing something in between; a sort of ‘Saab Financial Problems‘ update when the news seems significant.

Which means we have a bit of a catch-up to do.

Today’s headlines from the ‘Saab Financial News’ section are bordering on the encouraging. A consortium of Swedish Real Estate firms, lead by Hemfosa, has agreed to buy 50.1% of Saab Automobile Property AB, which is the Saab company that holds its property assets.

The agreed price is €28 million, with the consortium able to buy another €5 million shares in Saab Property on the same terms in the next 30 days. Those terms revolve around Saab leasing the assets – effectively the Trollhattan facility – back from the Hemfosa Consortium.

This follows on from the news yesterday that an un-named Chinese firm has placed an order for 582 Saabs for €13 million. We’re assuming this is another order from Pang Da, although Saab (or Swedish Automobiles) aren’t saying. Which is a bit odd. Still, it’s another €13 million in the fighting fund for Saab’s survival. Sadly, it’s still not enough.

As far as we can work out, Saab has now dragged in something in the region of €58 million for car sales to China nd €28 million for sale and lease back on its property. That’s an influx in the last few weeks of €86 million (£77 million) but it seems it’s still not enough to clear up the debts in the supply chain and the outstanding wages.

It’s also possible that Saab has recently received a further instalment in its agreed loan from the EIB, which could mean over €100 million has been eaten up in a few weeks with no sign of the production lines starting to roll.

We do wonder if Vladimir Antonov is connected to this real estate deal, or even the order of cars from an un-named source. He is still very much involved and keen to be an investor. Just yesterday he said on Twitter: ‘I stated many times! We will get it done! One way or another! Griffin UP!‘.

But is a bullish Vladimir – even with his deep and willing pockets – enough to keep Saab afloat? And how much more money do they need to get the production lines rolling and produce the cars they’ve been paid for?

More soon, we’re sure.