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Saab Inches Closer To Death Thanks To Spyker Cars

Tue, 04/26/2011 - 4:43am

STOCKHOLM (AP) — Spyker Cars says conditions proposed by the European Investment Bank are stalling plans to secure financing for troubled automaker Saab.

Spyker says it will meet EIB officials later Tuesday but is also considering other financial options with partners, including Chinese car manufacturers.

Saab desperately needs money to pay suppliers and restart its plant in southwestern Sweden, where production has been at a standstill for three weeks.

Spyker, which owns Saab, planned to sell Saab's property to Russian businessman Vladimir Antonov but needs EIB approval.

It said the bank has agreed only to a partial sale of the property and wants Saab to refinance the sale or replace the purchaser "within a limited period of time."

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