Saab is staying alive

With its future again in jeopardy, Saab Automobile is close to securing short-term financing that would allow it to stay alive as it waits for money from Chinese investors, says a source close to the negotiations.

According to the source, company executives are "very optimistic" about raising more funds this week. Saab is in discussions with several parties to get short- and medium-term funding to restart production, the source said late last week.

While it awaits a financial lifeline, Saab Chairman Victor Muller told Automotive News Saab is considering reorganization to protect itself from creditors.

"We will not rule out anything," Muller said. "We are focused on a solution, and if the collection agency moves forward we have to protect ourselves."

Saab, which is owned by Dutch group Swedish Automobile NV, was rescued from bankruptcy last year by Swedish Automobile as former owner General Motors prepared to shut it down.

It has struggled to raise funds to restart production, pay wages and settle suppliers' bills.

Short-term financing is critical to Saab's survival. Muller has signed investment deals with Chinese car distributor Pang Da Automobile Trade Co. and carmaker Zhejiang Youngman Lotus Automobile Co. But the approval process with Saab's Chinese investors will not be complete until mid-October.

Saab officials are working on other options to secure bridge funding that would allow the company to restart production.

If the company gets a court creditor protection order, roughly the Swedish equivalent of Chapter 11, it would place the company in a process of corporate restructuring.

Under that status, which Saab entered in 2009 after GM made clear its intention to cease funding Saab, the company gets protection from creditors while an administrator and management seeks to restructure it.

The Saab production line in Trollhattan, Sweden, has been shut almost continuously since April after suppliers with unpaid bills stopped providing parts.

On Aug. 17, Sweden's Debt Enforcement Agency started collection proceedings against Saab after it failed to meet an Aug. 16 deadline to pay two suppliers.

Swedish authorities say over 100 debt claims have been filed against Saab with the collection agency. Eight claims have asked for the regulator's involvement.

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Avec son futur à nouveau en danger, Saab Automobile est proche de la sécurisation du financement à court terme qui lui permettrait de rester en vie car il attend que l'argent des investisseurs chinois,  dit une source proche des négociations.

Selon la source, les dirigeants d'entreprise sont "très optimistes" au sujet de la collecte de plus de fonds cette semaine. Saab est en discussions avec plusieurs parties pour obtenir du financement à court et moyen terme pour relancer la production, a dit la source en fin de semaine dernière.

Alors qu'il attend une bouée de sauvetage financierement , Victor Muller, a dit à Automotive News que Saab envisage une réorganisation pour se protéger de ses créanciers.

"Nous n'allons pas exclure quoi que ce soit", a dit Muller. "Nous nous concentrons sur une solution, et si le processus de collecte progresse, nous devons nous protéger."

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