Saab Gets $600 Million Loan From European Investment Bank
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Koenigsegg's purchase of Saab had been rumored to be in trouble due to financing issues, but the European Investment Bank’s (EIB) decision on Wednesday to loan the struggling Swedish automaker €400 million ($600 million) shores up the purchase.
The loan from the EIB is contingent on a state guarantee from Sweden but thankfully the government has decided to back up the loan.
General Motors and Koenigsegg reached an agreement for the sale of Saab back in August, but the deal hasn't been completed as Koenigsegg has struggled to come up with the funding to buy out 100% of GM's interest under the terms of the deal.
Sweden's eagerness to keep Saab, as well as Volvo, within its borders, no doubt plays into the decision to back the Koengigsegg Group's purchase of the brand.
Even after the sale of Saab, however, GM will continue to share technology and services through an agreement like that between Penske and GM for the Saturn brand. Unlike the failed Penske-Saturn deal, Koenigsegg's purchase isn't dependent upon further supply contracts from other carmakers.
Saab is already planning to launch three new models over the next 18 months, including the 9-3X, 9-4X and the recently revealed next-gen 9-5 (pictured).
[Automotive News, sub req'd]
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By uragan Posted: 10/22/2009 12:41pm PDT
By bepsf Posted: 10/22/2009 1:18pm PDT
I have to agree - GM did nothing with Saab but rebadge their old Cavaliers and pawn them off as roadbound Swedish jets..
...Ford instead took the best of Volvo (and Mazda) engineering and used them as the basis to create a whole new set of Fords, Lincolns and Mercurys.
By r4 card Posted: 1/10/2010 9:35pm PST
it’s two European units, Saab and Opel, has been long and arduous. Magna International’s purchase of Opel still hasn’t been completed, but Koenigsegg’s bid for Saab has going comparatively smooth so fa
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