STOCKHOLM (AP) -- Sweden says it has cleared Saab Automobile's plan to raise cash by selling its real estate, but that the automaker is still waiting for approval from the European Investment Bank.
The Swedish National Debt Office said Thursday it has cleared the plan, which could solve Saab's immediate liquidity problems.
Saab, sold by General Motors Co. last year to Dutch company Spyker, needs money to pay suppliers and restart its plant in southwestern Sweden, where work has been suspended for nearly three weeks.
The debt office said it has agreed to give up securities it held in Saab's property because it had provided a guarantee for a loan from the EIB.
As a result, it said Saab's loan from the EIB will be lowered to €280 million from €400 million.
The Swedish National Debt Office said Thursday it has cleared the plan, which could solve Saab's immediate liquidity problems.
Saab, sold by General Motors Co. last year to Dutch company Spyker, needs money to pay suppliers and restart its plant in southwestern Sweden, where work has been suspended for nearly three weeks.
The debt office said it has agreed to give up securities it held in Saab's property because it had provided a guarantee for a loan from the EIB.
As a result, it said Saab's loan from the EIB will be lowered to €280 million from €400 million.
