Thread: This one's for Capt Rightfoot ;)

Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality

by Jeremy Korzeniewski (RSS feed) on Feb 8th 2010 at 6:01PM


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]

Owned by the Dutch!!!

Originally Posted by Pedro_The_Swift

BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids

by Chris Paukert (RSS feed) on Jan 8th 2010 at 11:28AM


According to a press release quoted in Dow Jones Newswires, Stefan Lofven, head of Swedish trade union IF Metall, the board of Saab has voted today to liquidate the company. Simultaneously, General Motors has announced that it has hired AlixPartners to supervise the "orderly wind-down" of the marque.

Interestingly, none of this means that Saab is dead, although certainly neither of these things can be seen as reason for optimism. According to its own statement about AlixPartners (available after the jump), GM continues to evaluate bids for Saab, presumably those from Spyker Cars and Genii Capital/Bernie Ecclestone – if not others as well. To this, Lofven is quoted as remarking that "It is irresponsible of GM in this situation to act in two directions, both towards a sale and towards a wind-down." Irresponsible or no, that appears to be exactly what GM is doing. More as it happens...

[Sources: Dow Jones Newswires via The Wall Street Journal, General Motors | Image: Joe Raedle/Getty]

PRESS RELEASE

GM STATEMENT REGARDING SAAB

GM today confirmed it has selected AlixPartners to supervise the orderly wind down of Saab, and has requested approval of the selection by the appropriate authority in Sweden. The use of a wind down supervisor is a commonly-used process in Sweden and works in the interest of the shareholder.

The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected. As stated previously, Saab customers can be assured that warranties will continue to be honored and that service and spare parts will continue to be available.

GM also confirmed that it has received several proposals for Saab and is continuing to evaluate these proposals. This evaluation is not affected by the appointment of AlixPartners.

Filed under: GM, Saab, Earnings/Financials

I reckon Berny could put Flav in charge of SAAB. What could possibly go wrong? How hard can it be?


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[QUOTE=housefull;1185696]I reckon Berny could put Flav in charge of SAAB. What could possibly go wrong? How hard can it be?

You'd find the cars would just strangely crash - for no reason