TROLLHATTAN, Sweden -

In financial moves aimed at restarting production, Spyker Cars N.V. announced Monday it secured short-term funding for Saab Automobile AB by entering into a 30-million Euro convertible loan agreement with Gemini Investment Fund Limited.

Executives explained Spyker’s 30-million Euro convertible loan agreement with Gemini contains a six-month maturity at a 7-percent annual interest rate and the conversion price at 4.88 Euros per share.

In addition to the receipt of Gemini funding, Saab noted it will make a drawdown request to the European Investment Bank for 29.1 million Euros, which is expected to close next week.

As a result of the loan and drawdown, Saab calculated it secured 59.1 million Euros.

With the receipt of these funds, Saab emphasized that it’s looking to restart production within a week, pending agreements on delivery schedules with its suppliers.

In order to improve lead times to customers and dealers on existing and future orders, Saab said it will work together with its suppliers to minimize any impact from the recent production stop.

Furthermore, Spyker and Saab stressed they continue to work on securing medium- and long-term funding.

“I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks,” stated Victor Muller, chief executive officer of Spyker and chairman of Saab.

“We will do everything in our power to restore the confidence in our company as soon as practically possible,” Muller declared.