Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Saab reaches conditional agreement to free up funds

Struggling Saab AB has reached a conditional agreement for the sale and lease back of property. If the sale goes through it will free up around €28m. 

Saab is desperately trying to negotiate short term funding following a recent announcement that it could not afford to pay staff wages and was close to bankruptcy. 

The conditional agreement could help towards saving the troubled carmaker. A consortium of Swedish real estate investors will buy 50.1% of the shares in Saab Property AB, with an option to increase that amount on the same terms with 30 days after closing.

Saab Automobile will then enter a lease agreement with Saab Property for a duration of 15 years.

In order for Saab Automobile to sell the property they must first negotiate some final approval from the Swedish National Debt Office and the European Investment Bank.

Pre payment for an order from a Chinese firm secured a boost of €13m earlier in the week, but further short term funds must be found to ensure the company’s survival. 


Add a comment


Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17


48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH