April 4, 2011 - 5:46 am ET
STOCKHOLM (Reuters) -- The production problems that hit Saab last week were a small glitch that the company will survive, Saab owner Spyker Cars NV said today.
"Saab is still producing and it is not on the verge of collapse," Spyker CEO and Saab Chairman Victor Muller told a news conference where Saab was presenting new vehicles already shown at the Geneva auto show, including a concept sportscar model called the Saab PhoeniX.
"A small glitch does not change the fact that cars are being made," he added.
Muller said Saab will by next year have the widest and newest model range in its history and output this year would be weighted toward the latter half.
He repeated a forecast that output this year would be 80,000 cars and Saab would be profitable in 2012. Production this year would be weighted heavily to the latter end of 2011.
Saab CEO Jan Ake Jonsson, who unexpectedly announced his retirement two weeks ago, said the company had faced a tightening in liquidity in the second half of the quarter but was working to solve the problem.
Saab had to stop production for three days last week after suppliers stopped deliveries due to unpaid bills. The problems, which Spyker has said are now solved, raised questions about the company's finances.
Efforts to boost Saab's long-term financing are now focused on Russian businessman Vladimir Antonov, who has submitted an application to take a stake in the money-losing car manufacturer.
Antonov used to be a third owner in Spyker, but was forced out of Spyker's deal to buy Saab from General Motors Co. last February after media reports of links to organized crime, which he denied. He says he has cleared his name and that GM, which has redeemable preference shares in Saab, is ready to have him back as a shareholder.
Spyker has applied to allow Antonov back as a shareholder to the Swedish Debt Office, which must give its approval as Sweden has guaranteed a 400 million euro ($568.9 million) European Investment Bank (EIB) loan.
Muller said he did not know when the permission from Sweden would be forthcoming, but hoped it would be soon. He said any Antonov stake in Spyker would be below 30 percent, otherwise the Russian would have to make a bid for the whole of the company.
"I would love to have him back (as a shareholder)," Muller added, saying there had not been a "shred of evidence" of wrongdoing by Antonov. Muller said Spyker was keen to repay the EIB loan as the company wanted to be independent from the government.
