Short Term Loan Helps Saab Automobiles Restart Factory
7th May, 2011 - Posted by admin - No Comments
Saab Automobiles' parent company Spyker Cars has secured a short term loan of USD 44.6m from Gemini Investment Fund Ltd. This will help Saab, the Swedish carmaker, resume its automobile production suspended five weeks back following a payment dispute with suppliers.
On acquiring the short term loan, Victor Muller, chief executive officer of Spyker Cars says that they will do everything in their power to restore the confidence of employees, suppliers, dealers and customers in their company as soon as possible.
The short term loan offered by Gemini Investment Fund Ltd, a shareholder in the Zeewolde, Netherlands-based company, is convertible to stock at USD 6.98 per share. Saab also plans to acquire another short term loan from the European Investment Bank in the coming week that will be nearby the same amount.
Posted on: May 7, 2011
Filed under: mortgage news
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