Zeewolde, The Netherlands – A deal that would bring funding and a strategic partnership to Saab Automobile has been terminated. The proposed agreement between Saab, its parent company Spyker Cars and China’s Hawtai ended when the Chinese company could not obtain the necessary consent of its stakeholders.
Spyker said that discussions between the companies are ongoing, and that Saab may still enter into a strategic partnership with Hawtai or another Chinese party on manufacturing, technology and distribution in China.
Spyker and Saab are continuing to work on securing short- and medium-term funding, and are negotiating equity and debt financing and/or technology licensing with various strategic Chinese partners.
The Sweden automaker is also continuing discussions with the European Investment Bank on completion of a current drawdown of €29 million under a loan facility, on obtaining consent for the sale of Saab property released under the collateral of the Swedish National Debt Office, and on various conditions proposed by the European Investment Bank. Saab has stopped production pending financing and discussions with its suppliers to resume supplies of materials and services.