Spyker attempting to sell Saab real estate in money-raising move

The next chapter in the Saab cash crunch appears to involve Spyker selling Saab real estate to an unnamed financial institution, with the automaker leasing the property back for its operations.

Saab has been forced to shut down production twice in the past few weeks in the wake of unpaid supplier bills, raising concerns that Dutch owner Spyker may be facing a liquidity crunch.

The latest move is likely aimed at freeing capital for the automotive operations while the company negotiates for a loan with the help of the Swedish government.

Read the full, very brief press release below:

SPYKER CONFIRMS ONGOING DISCUSSIONS ON SALE AND LEASE BACK OF SAAB AUTOMOBILE'S REAL ESTATE PROPERTY

Zeewolde, The Netherlands, 11 April 2011--Spyker Cars N.V. (Spyker) confirms that it is in discussion with a financial institution on the sale and lease back of Saab Automobile's real estate property. The outcome of the discussions is still uncertain and subject to the approval of the Swedish National Debt Office. It is expected that further announcements will be made shortly.

By Andrew Stoy