SAAB reaches deal to sell factory
Troubled Swedish automaker SAAB has reached a conditional deal to sell off 50.1% of its property unit.
SAAB and its parent company have struggled to find cash since early April, when unpaid suppliers stopped deliveries which halted production.
The $40 million property deal with a consortium of Swedish investors may help, but SAAB must reach a deal with suppliers before it can start building vehicles again.
Last week, SAAB said it couldn’t pay workers, leading trade unions to threaten to force it into bankruptcy proceedings.
SAAB also received another lifeline this week when an undisclosed Chinese firm ordered 582 vehicles and agreed to pay this week, covering SAAB’s payroll and some of its debts to suppliers.
