STOCKHOLM (Reuters) - Swedish real estate firm Hemfosa is ready to buy and lease back Saab's factory, throwing the crisis-hit automaker a lifeline, but Saab's complex financial situation makes a deal difficult, Hemfosa's chief executive told a Swedish newspaper on Saturday.
Saab, owned by Swedish Automobile, has been trying to sell and lease back its factory since April to ease a cash crunch that has halted production and forced the company to stop paying wages.
Hemfosa CEO Jens Engwall said the real estate consortium backing his firm had everything ready to buy Saab's factory in Trollhattan in southern Sweden.
Holding up a deal a "the EIB (European Investment Bank) loan and a little money from Pang Da and Youngman," he told the Goteborgs Posten newspaper.
Saab's long-term future is tied to funding from Chinese auto firms Zhejiang Youngman Lotus Automobile Co and Pang Da Automobile, which have agreed to buy stakes in the iconic Swedish brand.
Neither Engwall nor Saab could be reached for comment.
The real estate deal would provide some short-relief for Saab, where production has been stopped for most of April, May and June because the company can't pay suppliers.
Saab is also reliant in the medium term on receiving regular payouts from the EIB with which it has agreed on a 400 million euro ($566 million) loan. Saab is waiting for the next installment of the loan to be paid.
"Theoretically, you can value the property empty or with Saab in," Engwall told the newspaper.
"But it would feel better if we bought it in the belief that Saab had a reasonable chance of survival, otherwise it would be a little meaningless."
He said that the situation with the other parties involved in financing Saab was like the chicken and the egg: "We'll put in money if you do it first."
"For me, as a normal real estate person, it is a very complicated deal," he said.
Should Saab be heading for collapse "we, perhaps, wouldn't buy the property at the current juncture," Engwall said.
Newspaper reports have valued the deal at around 300 million Swedish crowns ($46 million). Saab owes suppliers 300 million to 500 million crowns in addition to wages for its workers.