Spyker Seeks To Raise Cash For Saab

AMSTERDAM - the owner of Swedish car maker Saab Automobile, said Tuesday it has asked the Swedish National Debt Office to allow it to sell and lease back Saab properties to secure the funding it needs to resume production.

Spyker reiterated in a statement that it is in talks with several parties to secure short- and medium-term funding. It said it hopes to give more details before Thursday, depending on whether the Swedish debt office approves the request.

The statement comes a day after Spyker said that it was in talks with a financial institution controlled by Russian financier Vladimir Antonov for the sale and leaseback of Saab Automobile's real-estate operations, reported The Wall Street Journal.

Mr. Antonov, who was forced by General Motors Co. to withdraw as a Spyker shareholder before the U.S. giant sold Saab to Spyker, has said that he would be willing to invest €50 million ($72.1 million) in Saab.

Legal documents outlining Saab Automobile's assets in March 2009 valued the company's buildings and grounds at 915 million Swedish kronor ($146.1 million).

The Swedish National Debt Office said Tuesday that it continues its work on trying to resolve Saab Automobile's financial problems, but declined to go into detail. "We are working hard to find financial solutions for Saab and we have been for some time," said debt office spokeswoman Unni Jerndal, adding "there's been a lot of late nights and early mornings."

Saab's production currently is halted because it has been unable to pay its suppliers. Spyker said Tuesday it expects to be able to resume production within a week of receiving new funds.

The Swedish National Debt Office, which overseas state-backed guarantees for €400 million in European Investment Bank loans to Saab Automobile, said last week it could release some collateral put up by the car maker to secure the guarantees. The collateral consists of pledges of shares in three holding companies for Saab assets: real-estate arm PropCo., tool operations ToolCo., and spare-parts business PartsCo.

"The Swedish National Debt Office has been requested to release its pledge in the shares of Saab Automobile Property AB in order to enable Saab Automobile to use this property to secure further funding. This is one of the funding scenario's Saab Automobile is currently working on," Spyker said in a statement.