UPDATE 1-Spyker's Saab faces fresh problems, output stopped

Wed Jun 8, 2011 12:52pm BST

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* Swedish carmaker Saab halts production again

* Cites component shortages

* Calls financial liquidity situation "tense"

* Just agreed deal with China's Pangda to restart output

(Adds quotes, details)

STOCKHOLM, June 8 (Reuters) - Carmaker Saab halted production again on Wednesday, just days after ending a two-month stoppage caused by a cash shortage, and blamed a shortage of components for the disruption.

Saab, owned by Dutch group Spyker SPYKR.AS, restarted production at its Trollhattan factory on May 27 after a deal with Chinese auto dealer Pangda (601258.SS) to buy 30 million euros' worth of Saab cars. Pangda later signed up for a further 15 million euros.

But the start-up at the Swedish marque ran into problems on Tuesday as it said a disruption in the flow of components had affected its just-in-time production system, and that had continued into Wednesday. Spyker shares were down 8.5 percent at 2.36 euros by 1125 GMT.

"It is hard to make any sort of prediction right now," said Saab spokeswoman Gunilla Gustavs when asked when output might start again.

She said the company was taking things day by day, but had cut its output plan for the week.

One of the possible problems was the component makers themselves having problems getting back to work after the two-month shutdown, she said.

"Liquidity in the company is tense," she said, adding that elements of the financing recently agreed by Saab still had to fall into place, including a planned drawdown of 29 million euros from a loan from the European Investment Bank (EIB).

Saab is also still waiting to carry out a sale and leaseback of its property to Russian investor Vladimir Antonov, who also eventually wants to take a stake in the carmaker.

Both transactions also need EIB approval.

Saab was shut for most of April and May after it ran out of cash following a sales shortfall last year.

Pangda, which raised nearly $1 billion in its initial public offering in April, wants to take a 24 percent stake in Spyker for 65 million euros, or 4.19 euros per share, as part of a 110 million euro deal. [ID:nL3E7FS079] [ID:nLDE74F0FK]

The Chinese car distributor is waiting for regulatory approval at home. Sweden, which guaranteed the EIB loan, the EIB itself and former Saab owner General Motors (GM.N) all have to agree to any ownership changes.

(Reporting by Patrick Lannin and Mia Shanley; Editing by Will Waterman)

((Stockholm Newsroom, mia.shanley@thomsonreuters.com; +46-8-700 1004)) Keywords: SPYKER SAAB/

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