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$600M Saab Loan Approved By EIB, Endorsed By Uncle Samuelsso

Posted in auto industry, Cars, Foreign Cars, Newsworthy, Politics, Saab by Suzanne Denbow | October 21st, 2009 | 1 Response |


Earlier this month, the Swedish government announced their tentative decision to guarantee the $585 million European Investment Loan Saab was seeking in order to survive. Claiming to be wary of playing favorites, the mouthpiece for the Swedish Industry Minister Maud Olofsson placed heavy emphasis on the uncertain terms of the agreement, stressing the proposal was still subject to ethical approval. Apparently, whichever committee charged with making such a moral decision decided that the Swedish governing body personally guaranteeing hundreds of millions worth of dollars for Saab was in no way blatantly unfair to any other domestic automakers experiencing similar cash flow problems.

Conversely, Sweden’s possible political misstep means that the jet-bred auto firm is safe from the clutches of ill-meaning foreign manufacturers, with the notable exception of BAIC’s purchase of the Saab 9-5’s intellectual and design rights. Volvo, on the other hand, is apparently still up for grabs.

Source: LeftLaneNews
Image Cred: Reuters Pictures

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One Response

  1. Jennifer says:

    I have always heard good things about Saab they just dont have good styling.