Saab warns of closure over funds
Stockholm, April 2, 2011
The Dutch owner of Swedish carmaker Saab said it risked closure if it couldn't get extra funds when needed, just hours after resolving an impasse with suppliers that threatened the future of the brand.
Spyker said in its annual report that management was closely monitoring the firm's cash position and was ready to adjust spending to preserve liquidity, but it needed timely additional funding to ensure it stayed in business.
"There is a risk that when additional funding of its ongoing operations and execution of the business plan is not timely secured, continuity of the group could become uncertain," it said.
To bolster its finances, Spyker said it was focusing on Russian businessman Vladimir Antonov, who has submitted an application to take a stake in the firm.
Antonov was forced out of the original deal in which Spyker bought Saab from General Motors after media reports of links to organised crime. He has said he has cleared his name and that GM is ready to have him back in the agreement.
Spyker chief executive Victor Muller said Antonov, who owns a bank in Lithuania and Latvia, was keen for his bank to lend a "significant" amount to Spyker.
Muller also said Spyker was in talks with large European and US banks about a 500 million euro ($711 million) credit facility.