Saab secures third short-term funding lifeline

Swedish Automobile said on Wednesday it had signed a loan deal that would secure additional short-term funding for its cash-strapped carmaker Saab, sending its shares soaring. The carmaker has been scrambling for cash since April when unpaid suppliers stopped deliveries, forcing it to halt production. Last week it said it could not pay workers.
Swedish Automobile said in a statement it had secured a 25 million euro ($35.4 million) loan from Gemini Investment Fund, its third lifeline this week, but said the plant would remain idle until a deal is reached with suppliers. On Monday, an undisclosed Chinese firm ordered 582 cars for 13 million euros and agreed to pay this week, covering Saab's wage bill and some unpaid debts to suppliers. On Tuesday, Saab signed a conditional 28 million euro property sale.