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SAAB hace públicos los resultados de la primera mitad del año:
* H1 2011 operating loss 201.5 mln euros
* Says no certainty about funding
* Sees substantial net loss for full-year 2011
AMSTERDAM, Aug 31 (Reuters) - Swedish Automobile (SWAN.AS),
the Dutch parent of cash-strapped carmaker Saab, said on
Wednesday it was battling to keep the business afloat as losses
mounted, cash dwindled and time was running out.
The famous Swedish car manufacturer has lurched from one
cash crisis to another in recent months, scrambling to fend off
bankruptcy, pay its workers, and restart production. Its car
plant has been idle since April because suppliers refused to
deliver parts until their bills were settled.
As a result of the production stoppage during most of the
second quarter, Swedish Automobile said on Wednesday it had
swung from a 21.9 million euro operating loss in the first half
of 2010 to a 201.5 million euro loss in the first half of 2011.
It said it saw a substantial net loss for 2011.
On Friday, Swedish Automobile said it was "evaluating all
available options" after Swedish public radio quoted sources
saying that the company was to apply for court protection from
its creditors. [ID:nL5E7JQ1K1]
"Right now, the focus of Saab management is on working as
hard as possible to bring the company back into calmer waters by
significantly strengthening our financial position, reaching
agreement with all our suppliers on payment and delivery terms
and restart production as soon as possible," Swedish Automobile
Chief Executive Victor Muller said in a statement.
But the company also prepared investors and employees for
the worst, saying it was not clear whether funding could be
raised to restart production in the short term, or whether funds
that have been negotiated for the long term can be secured in
time.
On July 4, Saab signed a final agreement for Zhejiang
Youngman Lotus Automobile Co. to take a 29.9 percent stake in
the company and for Pangda Automobile Trade Co Ltd (601258.SS)
to take a 24 percent stake for a combined 245 million euros.
[ID:nLDE75F0CP]
These are still subject to regulatory approval.
Dutch luxury car maker Spyker Cars bought Saab from General
Motors (GM.N) in early 2010. In February 2011 it sold its luxury
car business and changed its name to Swedish Automobile in June
2011.
* H1 2011 operating loss 201.5 mln euros
* Says no certainty about funding
* Sees substantial net loss for full-year 2011
AMSTERDAM, Aug 31 (Reuters) - Swedish Automobile (SWAN.AS),
the Dutch parent of cash-strapped carmaker Saab, said on
Wednesday it was battling to keep the business afloat as losses
mounted, cash dwindled and time was running out.
The famous Swedish car manufacturer has lurched from one
cash crisis to another in recent months, scrambling to fend off
bankruptcy, pay its workers, and restart production. Its car
plant has been idle since April because suppliers refused to
deliver parts until their bills were settled.
As a result of the production stoppage during most of the
second quarter, Swedish Automobile said on Wednesday it had
swung from a 21.9 million euro operating loss in the first half
of 2010 to a 201.5 million euro loss in the first half of 2011.
It said it saw a substantial net loss for 2011.
On Friday, Swedish Automobile said it was "evaluating all
available options" after Swedish public radio quoted sources
saying that the company was to apply for court protection from
its creditors. [ID:nL5E7JQ1K1]
"Right now, the focus of Saab management is on working as
hard as possible to bring the company back into calmer waters by
significantly strengthening our financial position, reaching
agreement with all our suppliers on payment and delivery terms
and restart production as soon as possible," Swedish Automobile
Chief Executive Victor Muller said in a statement.
But the company also prepared investors and employees for
the worst, saying it was not clear whether funding could be
raised to restart production in the short term, or whether funds
that have been negotiated for the long term can be secured in
time.
On July 4, Saab signed a final agreement for Zhejiang
Youngman Lotus Automobile Co. to take a 29.9 percent stake in
the company and for Pangda Automobile Trade Co Ltd (601258.SS)
to take a 24 percent stake for a combined 245 million euros.
[ID:nLDE75F0CP]
These are still subject to regulatory approval.
Dutch luxury car maker Spyker Cars bought Saab from General
Motors (GM.N) in early 2010. In February 2011 it sold its luxury
car business and changed its name to Swedish Automobile in June
2011.
