Official: Saab secures $36M bridge loan from Gemini Investment Fund

Filed under: Europe, Earnings/Financials

During the U.S. launch of the 2012 9-4X, Saab CEO Victor Muller told us that he was good at raising money, and he is probably going further than he ever wished to prove his point. It was announced this morning that Swedish Automobile, parent company of Saab, secured a €25-million ($36M U.S.) bridge loan from Gemini Investment Fund. It is the second infusion from Gemini in as many months, and brings to €66M ($95M) the amount of money Saab has raised this week alone.

The latest life preserver allows Saab to pay its June wages. The production lines are still idle while Saab deals with suppliers, but it wants to start making cars again in two weeks. Saab is also waiting on regulatory approval for €245 million ($353M) from two Chinese partners, and hopes to access a drawdown of €29.1 million ($42M) from the European Investment Bank in hopes of manifesting a Rocky-like comeback.

Saab secures $36M bridge loan from Gemini Investment Fund originally appeared on Autoblog on Wed, 29 Jun 2011 16:01:00 EST. Please see our terms for use of feeds.

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Source: http://www.autoblog.com/2011/06/29/saab-secures-36m-bridge-loan-from-gemini-investment-fund/

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