This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-13371201

The article has changed 6 times. There is an RSS feed of changes available.

Version 4 Version 5
Saab-owner Spyker loses vital Chinese funding Saab-owner Spyker loses vital Chinese funding
(about 6 hours later)
Saab-owner Spyker has announced that its funding deal with China's Hawtai Motor Group has fallen through, throwing its plans to resume production at the Swedish carmaker into doubt.Saab-owner Spyker has announced that its funding deal with China's Hawtai Motor Group has fallen through, throwing its plans to resume production at the Swedish carmaker into doubt.
Spyker said the agreement had been terminated because Hawtai had been unable to secure shareholder approval.Spyker said the agreement had been terminated because Hawtai had been unable to secure shareholder approval.
The deal had been unveiled on 3 May, with Hawtai pledging to invest 150m euros ($221m; £134m) into Spyker. The deal was unveiled just last week, with Hawtai pledging to invest 150m euros ($221m; £134m) into Spyker.
Spyker said it would continue work to secure short and medium-term funding.Spyker said it would continue work to secure short and medium-term funding.
It added in its statement that it would continue discussions with Hawtai, but would now talk to other potential Chinese partners as well.It added in its statement that it would continue discussions with Hawtai, but would now talk to other potential Chinese partners as well.
All production stopped at Saab on 6 April, saying suppliers had halted deliveries after they had not been paid.
A Saab spokeswoman said talks were continuing with suppliers to get them to resume deliveries, but that the firm currently had no date by which it hoped to resume production.
Car industry analyst Tom Muller said Saab was now in a tough position.
"It's living by the day, it's not just having money to pay its future obligations, it's what it owes its suppliers already," he said.
Loan talksLoan talks
With the deal with China's Hawtai collapsing, Saab is left in limbo.With the deal with China's Hawtai collapsing, Saab is left in limbo.
Until a solution to its cash crunch is found, it simply cannot go on making cars.Until a solution to its cash crunch is found, it simply cannot go on making cars.
The man in charge of it all, Dutchman Victor Muller, is now pinning his hopes on the European Investment Bank approving investment from Russian billionaire Vladimir Antonov.The man in charge of it all, Dutchman Victor Muller, is now pinning his hopes on the European Investment Bank approving investment from Russian billionaire Vladimir Antonov.
Mr Antonov stands ready to buy Saab's Trollhaettan factory and lease it back, and he wants to inject fresh cash into the firm.Mr Antonov stands ready to buy Saab's Trollhaettan factory and lease it back, and he wants to inject fresh cash into the firm.
Talks with other Chinese investors are also continuing.Talks with other Chinese investors are also continuing.
But it is far from clear that a solution will be found in time to prevent the loss of hundreds of jobs.But it is far from clear that a solution will be found in time to prevent the loss of hundreds of jobs.
In exchange for the 150m euros, Hawtai was to take a 30% stake in Spyker and it had also reached an agreement on sharing manufacturing and technology. Concerns are growing for the future of the staff who work at Saab's Trollhaettan factory.
But Swedish Prime Minister Fredrik Reinfeld said the government would not step in to rescue Saab.
"It is the owners and the management of Saab that must take this forward and find long-term financing," the AFP news agency quoted him as saying.
"We in the government have done all we could to facilitate the process," Mr Reinfeld said.
In exchange for its investment of 150m euros, Hawtai was to take a 30% stake in Spyker and it had also reached an agreement on sharing manufacturing and technology.
Netherlands-based Spyker bought Saab for $74m (£45m) in January 2010 from General Motors, but it has struggled to revive the Swedish company.Netherlands-based Spyker bought Saab for $74m (£45m) in January 2010 from General Motors, but it has struggled to revive the Swedish company.
It stopped all production at Saab on 6 April, saying suppliers had halted deliveries after they had not been paid.
A Saab spokeswoman said talks were continuing with suppliers to get them to resume deliveries, but that the firm currently had no date by which it hoped to resume production.
Spyker's purchase of Saab was helped by a 400m euro ($570m; £350m) European Investment Bank (EIB) loan facility.Spyker's purchase of Saab was helped by a 400m euro ($570m; £350m) European Investment Bank (EIB) loan facility.
The company said it was now continuing talks with the EIB to access a further 29m euros from these funds.The company said it was now continuing talks with the EIB to access a further 29m euros from these funds.
Car industry analyst Tom Muller said Saab was in a tough position.
"It's living by the day, it's not just having money to pay its future obligations, it's what it owes its suppliers already," he said.