Saab production still on hold as Spyker seeks deal

Loss-making Dutch car maker Spyker said production at its Saab unit will remain on hold until it obtains funding to pay suppliers, underlining the tough battle it faces to rescue the ailing Swedish brand.

Spyker, which bought loss-making Saab from General Motors last year, has been forced to halt production as it is unable to pay its suppliers, but has said it is facing a short-term liquidity crunch rather than collapse.

The company said: “Spyker and Saab Automobile are in discussion with several parties to secure additional short and medium-term funding.”

Spyker Cars is also in talks to sell and lease back the property portfolio of its Saab subsidiary. The Swedish government, which guaranteed Spyker’s loan to buy Saab last year, has a veto over the property deal.