April 25, 2011 / 8:49 AM / 8 years ago

Spyker says EIB sent Saab draft deal on financing

AMSTERDAM, April 25 (Reuters) - Dutch luxury car maker Spyker Cars SPYKR.AS said the European Investment Bank has sent Saab a draft outline of a deal aimed at giving the Swedish car maker a cash lifeline.

“They have sent us a draft, but we do not want to go into the public domain and will not make any comment until this is sorted,” Spyker Cars chief executive Victor Muller told Reuters. “It seems like this is being fought out in the public domain.”

He declined to say when talks between the EIB and Saab will take place again.

Production at Saab has been halted for more than two weeks after it failed to pay suppliers’ bills due to a cash crunch.

A Saab spokesman said on Saturday it was uncertain when it would be able to restart production after the EIB had set tough conditions on the new financing deal. The company has so far refused to reveal the full terms of the deal. [ID:nLAN364334]

A source familiar with the talks had said one of the terms was that the EIB wanted Saab to repay money it had already borrowed from the bank within 90 days of a planned liquidity injection being carried out.

Saab is planning a sale and leaseback of Saab property and had been hoping the EIB would agree with the deal after the Swedish state backed the agreement earlier this month. (Reporting by Aaron Gray-Block; Editing by Dan Lalor)

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