Zeewolde, The Netherlands – A new short-term loan will get Saab production restarted after problems with supplier payments shut it down. Spyker Cars has secured short-term funding through a €30 million convertible loan agreement with Gemini Investment Fund.
The loan has a six-month maturity, with interest rates of seven per cent per annum. In addition, Saab will make a draw-down request for €29.1 million from the European Investment Bank. When both are obtained, which is expected next week, Saab will have secured the liquidity required to restart production.
The company said that it aims to restart production within a week, pending agreements on delivery schedules with its suppliers.
Spyker and Saab continue to work on securing medium- and long-term funding, the companies said.
“I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks,” said Victor Muller, CEO of Spyker. “We will do everything in our power to restore the confidence in our company as soon as practically possible.”