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Filed under: Saab, Earnings/Financials



Spyker's deal to purchase General Motors' ailing Saab division out of the throes of insolvency appears to be moving along quite nicely. Production of vehicles is underway, a plan is in place to launch critical new models and the European Union has approved of a European Investment Bank loan of 400 million-euros ($546 million) to Spyker.

It would seem that the road to a successful acquisition is so sure that the executive committee of Saab dealers have made an unsolicited offer of $24 million dollars to help Spyker complete the deal. Peter Hallberg, president of the association, said, "Those of us close to the business think that there's substance to Spyker's business plan for Saab, and that there are no great, imminent risks."

What's more, Spyker has just reported that it has entered into an agreement to secure a $25 million convertible loan from an investment company owned by Heerema Holding Company Inc. that's conditional on the EIB's aforementioned $546 million loan. Details can be found in the press release after the break.

[Source: New York Times, Spyker]Continue reading Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality

Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality originally appeared on Autoblog on Mon, 08 Feb 2010 18:01:00 EST. Please see our terms for use of feeds.



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