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February 13, 2012
Saab owner Spyker's debts greater than assets
Published: 26 Aug 10 09:20 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/28588/20100826/
Luxury car manufacturer Spyker Cars, which purchased Sweden's Saab from General Motors, has more debts than assets, according to a filing submitted to the stock exchange in Amsterdam, NYSE Euronext.
- Saab shares dive despite strong 2011 report (10 Feb 12)
- Saab to cut Swiss Gripen fighter price: report (8 Feb 12)
- Several bids for Saab: administrator (7 Feb 12)
In April, Spyker did not report first quarter results. Ahead of the second quarter report to be released on Friday, the company has issued information about its debts. According to Ekot, they are due to the revaluation of certain assets been revalued that have now become debts.
The exchange will not make any decisions on a course of as long as Spyker follows the rules and regulations. Within five days, Spyker will have to provide information on its financial situation and the circumstances that led to them.
Spyker must also account for the liquidity of the company, its short-and long-term perspective and the actions it has taken or plans to execute to resolve the situation.
Spyker said that it has more to say on the subject in addition to the information sent to the stock exchange.
"We will announce our half-year accounts for Spyker Cars on Friday, August 27th," said Spyker spokesman Mike Stainton. "Before that, we will not comment anymore on this issue."
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Assets which have amazingly turned into debts?
They looked to be a very dodgy outfit from day one.
Their reward will be the assets they strip from SAAB and pass to Spyker, and the "management fees" they will charge SAAB for doing so.
How do I know this? I watched Rover being "rescued" in exactly the same way. The sooner it's over, the better for the employees. Then they can get on with their lives and do something useful instead of working for a zombie car company.
I wish it wasn't so, and very much hope to eat my cynical hat if a profitable SAAB is still around 10 years from now.
Saab may not be 100% - but I know of only a handful of car makers who are. So what? They add up to a vital part of any industrial economy that has to be kept turning over in order to provide a base for future growth.
Cynicism proves nothing. Let's wait a few years and look back. Come on boys, we're still in a global recession. Someone has to make a positive move or where would Western industrialisation be? We can't talk ourselves into handing everything to India and China.
Greater financial minds than I've seen on this blog are working hard to ensure Saab's future. Give them some credit and stop sniping!
Too many Swedes think that the world just owes them a living because they are oh so special.
No. Guess what. You are not special.
@ Luke35711: have you tried their products? They are wolrd-class and better than the most. What is your definition of special?