Saab secures another $35.4 million from Gemini Investment Fund
Swedish Automobile (formerly known as Spyker Cars) said that it has signed a second loan deal with a shareholder that would secure additional shot-term funding for Saab. Saab has been scrambling since April after it had to hold production when unpaid suppliers cut deliveries.
Saab said that it secured a 25 million euro ($35.4 million USD) loan from shareholder Gemini Investment Fund, following a 30-million euro loan deal last month.
Saab recently received 582 orders for vehicles from Chinese firms. It also signed a conditional 28 million euro deal to sell and lease back property and plants.
– By: Omar Rana
Source: Automotive News