STOCKHOLM - struggling automaker Saab Automobile faced renewed uncertainty on Thursday deal with China's Hawtai fell apart the financing motor group, concerns about the fresh event on the future of the company.
Spyker cars NV, 2010 Saab from General Motors Corp. who bought it was "forced to end", said the 223 million (euro150 million) Agreement with Hawtai as was the Chinese company not in the position, all necessary approvals including approvals from various shareholders to receive.
The money from Hawtai was critical to Spyker's plans to save funds Saab, which, had to stop production at the plant in Trollhattan, Sweden on 6 April.
The exact reasons for the termination of the contract were not clear, but analysts suggested it could due to legal problems with Chinese authorities and China's BAIC, which previously has acquired the rights to some Saab technology.
"However, Spyker BAIC"has problems not with their discussions with other Chinese partners"said."
Saab spokeswoman Gunilla Gustavs said the company continues to work towards securing capital and is in discussions with other potential Chinese partners, turned down but give no name.
Saab was prior to entering into the agreement with Hawtai, also in discussions with Chinese company BAIC, great wall motors and Youngman.
IHS Automotive Analyst Ian Fletcher, said the cancellation of the transaction "raises" more doubts about the ongoing financing of the company.
"Saab urgently an influx of cash from somewhere remains," he said. "If it funds win restart production, has been down for over a month now, it remains to be seen whether his relationship with its suppliers can be repaired."
Floor-Mats Carlsson, Fastrans analyst at Gothenburg Management Institute, said that he unsurprisingly, that the hurried Hawtai deal fell through, but said he was "convinced" that Saab better another, Chinese cooperation partners can be found.
He said "If you look at a list of the 20 most interesting automotive companies in China, Hawtai is not on this list". "So this could be positive."
However, he added that the uncertainty surrounding ownership of the consumer confidence in the brand is negative.
Spyker's shares fell 12.4 percent afternoon day trading in Amsterdam, euro3. 68 ($5.28).
Spyker and Hawtai agreed that Hawtai would provide the funds in exchange for a 29.9 percent of Spyker for Saab.
In a short statement confirmed the first contract with Spyker had finished Hawtai, but said that hope it is a solution to be found.
"The current situation is complex and it was not possible, agreed documentation in the agreement to achieve the envisaged time frame", the company said.
Earlier this month, Saab short-term financing secured by a bank loan, but is still waiting for a drawdown on their loans from the European Investment Bank to be able to resume production.
It has so far also plans to raise cash by selling his property, Russian businessman Vladimir Antonov and allowed part owners of Saab, submitted to it,.
These plans still wait for approval from the EIB and Spyker said, to continue talks with the European Bank of the conditions for an agreement. EIB rejected it Thursday comment on talks.
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