Swedish struggling automaker Saab on Tuesday mooring said that succeeded to sale and leaseback a property.

The deal worth 28 million euros, providing further funds to settle bills and salaries.

The automaker, which last week said it won’t be able to pay Saab workers’ salaries, says it has signed a conditional deal with real estate company Hemfosa for the sale and lease-back of 50.1 per cent of the shares in Saab Automobile Property for 255 million kronor ($40 million).

The news comes just hours after Saab secured another short-term lifeline when an unidentified Chinese company bought 582 Saab cars for EUR13 million in cash.

Last week Victor Mueller, CEO of Saab Automobile, said: ‘We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the situation.

‘We hope to secure additional short-term funding, which is necessary to reach agreement with all of our suppliers and restart production, soon. ‘

Swedish Automobile, which acquired Saab from General Motors last year just as the U.S. carmaker was to discontinue the iconic brand under a government bailout plan, revealed last week that it had no funds to pay workers.

The announcement prompted IF Metall and Unionen to warn that it would give the automaker one week to pay wages before seeking court action.


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