Saved by Antonov: Saab Sells Production Facilities to Russian Banker to Get Cash

The Swedish government offered Saab conditional backing for a deal to free up cash for the company (see previous story here), whose production lines have been stopped for two weeks as Saab didn't pay suppliers. "We have decided to allow the Debt Office to conclude an agreement with Saab," said enterprise minister Maud Olofsson during a news conference on Friday.

The government has approved a proposal from the Debt Office to allow Saab to sell real estate, including the production plant, to Russian financier Vladimir Antonov and then lease it back from him. The minister said this deal would bring €30 million to Saab in the first phase, although the real estate was worth much more than that.

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Saab Roller Coaster Continues as Cash Gets Tight

Saab just can't seem to catch a break. After moving from the General's formerly overcrowded pocket into the hands of Spyker, the once-quirky brand is now doing all it can to bring production back online after failing to pay suppliers.

The gist is this: Saab received 400 million Euros (~$580 million) from the European Investment Bank so it could keep on ticking. Sweden guaranteed the loan, meaning whatever Spyker's resolution calls for must get the go-ahead from the Man.

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SAAB CEO Jan Åke Jonsson to Retire, Victor Muller Takes Over Temporarily

Dutch automaker Spyker Cars NV announced on Friday that Saab Automobile’s Chief Executive Officer and President, Jan Åke Jonsson, has decided to step down from his position on 19 May, 2011. The company said that until a successor to the longtime Saab executive is found, Spyker Car’s CEO Victor Muller will temporarily assume the role of President and CEO of Saab Automobile AB in addition to his role as Chairman of the Board.

The 59-year old executive, who has worked for Saab for close to 40 years, took over the helm of the company in 2005 when it was still under the ownership of General Motors. Jonsson has been credited for playing a key role in the savior of Saab when the Detroit automaker wanted to close down the brand.

“I have been with Saab Automobile for almost my entire career of 40 years, of which almost six years as the head of Saab Automobile,” said Jonsson in a statement. “The last three years have of course been very demanding and forced me to focus on one thing only – my work. Now it is time for me to also spend some time on other things that had to stand back for my duties to Saab Automobile.”

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Saab Releases UK Pricing and Specs for 2012MY 9-3 Range

We had our first look at the modestly refreshed 2012MY 9-3 range at the Geneva Motor Show earlier this month, but today, Saab GB announced prices and specifications ahead of the UK launch next month.

The new model year brings some subtle exterior updates such as the restyled front bumpers, ‘ice block’ headlamps, a new grille, a Saab word mark that replaces badging on the chrome trim at the rear end and the addition of a boot-mounted spoiler for the sedan variants.

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