Spyker completes Saab payment

Spyker completes Saab payment
Spyker Cars has completed the second and final payment to complete the purchase of Swedish carmarker Saab from US firm General Motors, the Dutch firm has confirmed in a press release.

The payment, amounting to $24 million was due to be paid to GM by July 15th but has already been handed over, Spyker said.

The firm claims that the payment has been made without having to extend its external debt.

Spyker and GM completed the paperwork for the sale of Saab in February after agreeing a last minute deal in January which staved of administration for the Swedish firm.

Spyker and GM agreed a price for Saab of $74 million in cash and about $326 million worth of redeemable preferred shares to be retained by the American giant.

Saab’s future had been in doubt throughout 2009 as GM, going through bankruptcy, radically restructured its business and tried to sell off what it saw as non-core and unprofitable assets.

“Today’s announcement is great for Saab’s customers, dealers, suppliers and employees around the globe,” Saab chief Jan Åke Jonsson said at the completion of the deal on February 23rd.

In recent months there has been some speculation over the financing of the deal with Russian businessman, Vladimir Antonov pledging $100 million to finance the purchase from GM.

Several media have previously reported that a Swedish government investigation into the dealings of the Russian Antonov family had caused the FBI to order GM to pull out of the deal in December. The troubled US car giant has been widely reported to hold a veto on the Antonovs’ involvement in Spyker-Saab.

Member comments

Become a Member to leave a comment.Or login here.