Sweden agrees to guarantee Saab loan
The Swedish government notified the European Commission on Monday that it was prepared to guarantee the 4 billion kronor ($570 million) loan that troubled automaker Saab is seeking from the European Investment Bank (EIB).Saab wants to borrow 4 billion kronor from the EIB, but before it can, the European Commission must make sure the government’s guarantees don’t run afoul of EU rules on state supports for industry, and that the carmaker’s business isn’t at risk for insolvency, the Göteborgs-Posten (GP) newspaper reports. If all is in order, the Commission will then signal its approval for the loan through a statement of “no objection”. Saab is now awaiting the Commission’s decision.
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