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Saab would up production if granted bridge loans
Posted by HS [Email] (more from HS) on Tue, 30 Jun 2009 19:51:37
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http://www.leftlanenews.com/saab-would-up-production-if-granted-bridge-loans.html
Saab would up production if granted bridge loans
06/30/2009, 5:09 PM
By Andrew Ganz
Small Swedish automaker Saab, which is currently being courted by Koenigsegg, says that if it receives bridge loans from the European Investment Bank, it would look to increase production of its 9-3 and 9-5 models in response to demand. Saab has dramatically cut back production to conserve cash.
“We are discussing bridge loans,” Saab CEO Jan-Ake Jonsson said. “If we were to get that kind of financing that would mean we could increase production. We have the demand and we would of course have to rehire a number of individuals.”
Should Koenigsegg acquire Saab from GM, as is expected, the deal would depend on a $600 million loan from the European Investment bank. The automaker has said that it needs about $1 billion to restructure.
“We are in intensive discussions with the EIB about financing,” Jonsson said. “Depending on the time horizon, we will take initiatives to hold on to our money so that we manage until the financing becomes clear, so I feel pretty calm on this issue.”
posted by 69.119.21...
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