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Saab Auto’s Planned Property Sale Stalls on Bank Conditions

Saab Automobile, the Swedish carmaker that’s been forced to halt production amid a cash crunch, said plans to raise funds by selling property have stalled because of European Investment Bank demands.

Conditions from the European Union’s investment arm include Saab refinancing the sale or replacing the purchaser “within a limited period of time,” Dutch owner Spyker Cars NV said today in a statement. The property, including Saab’s Swedish factory, would be bought by Russian banker Vladimir Antonov.