TROLLHATTAN, Sweden -

After having to send its employees home last week without pay, Saab’s future is looking a little rosier as the automaker negotiates potential funding to satisfy creditors and re-start production at its idled Trolhatten plant.

On the heels of announcing Monday that an unnamed Chinese company put in an order to purchase 582 Saab Vehicles worth $18.4 million; Tuesday, the automaker revealed it has a potential leaseback deal in line to sell a stake in its Saab Automobile Property unit — which owns the Trolhatten plant, as well as other additional assets.

Since the automaker is still trying to navigate the three-part distribution and manufacturing alliance announced last month with China’s auto dealership chain Pang Da and automaker Zhejiang Youngman Lotus Automobile Co. through the approval process, it was forced to look for other avenues to gain immediate funding.

One opportunity for funding came in the form of the recently announced $18.4 million order, and the automaker expects full pre-payment to be received this week.

The company stressed this will provide it with short-term funding to pay employees wages, as well as make partial supplier payments.

Creditors have become even more of an issue for the automaker as 48 companies Saab is indebted to, many of which are suppliers, filed with Swedish collection agency Kronofogden to collect more than $3.6 million, just last week.

Victor Muller, chief executive officer of Saab and Swedish Automobile, said: "I am pleased to announce this agreement ($18.4 million order), as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees’ wages before the end of this month. The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile.

“We very much regret the current cash shortage, which is causing undeserved hardship to all, and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon,” he continued.

Saab’s CEO also referenced a potential alliance with Vladimir Antonov, chairman of international financial organization Convers Group, that has been in the works for months.

“Mr. Vladimir Antonov’s interest in participating as an investor/financier in Swedish Automobile remains unwavering, but he is still awaiting a decision on his clearance from parties at interest following the Swedish National Debt Office recommendation to clear him over eight weeks ago. Once clearance has been obtained, Mr. Antonov can provide much needed financing and/or capital to Swedish Automobile/Saab Automobile at this critical time. We are pushing hard to obtain this vital clearance as soon as practically possible," Muller noted.

In the meantime, the automaker is working to finalize the conditional agreement for the sale and lease back of property that would potentially help the automaker meet payroll, as well as pay creditors and resume production at the Trolhatten plant.

The tentative leaseback deal, worth an estimated $40 million, entails transferring a 50.1 percent stake in Saab Automobile Property to a consortium of Swedish real estate investors led by real estate company Hemfosa Fastigheter AB.

If the deal goes through, Swedish Automobile would then sign a 15-year agreement to lease the Trollhattan plant, as well as other Saab facilities.

Under the agreement, the real estate company will also have the right to increase its stake in the property company by purchasing $7 million worth of shares.

"We are very pleased with the agreement with Saab Automobile. We will continue to add value for Saab Automobile in developing the property,” noted Jens Engwall, chief executive officer of Hemfosa Fastigheter AB.

The companies also noted, as joint owners, the consortium and Saab “seek to further develop the property, including a refinancing of the property at a later date when commercially feasible.”

Though reports note that the Swedish government has already given the deal tentative approval, the automaker still has to win the full approval from the Swedish National Debt Office, the Swedish government and the European Investment Bank.

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