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Saab owner Spyker's debts greater than assets

TT/The Local · 26 Aug 2010, 09:20

Published: 26 Aug 2010 09:20 GMT+02:00

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"It means absolutely nothing," Spyker CEO Victor Muller told Sveriges Radio's Ekot news bulletin late on Wednesday.

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.

Story continues below…

"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."

TT/The Local (news@thelocal.se)

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Your comments about this article

10:09 August 26, 2010 by jack sprat
Surprise,surprise,..I don't think.

Assets which have amazingly turned into debts?

They looked to be a very dodgy outfit from day one.
19:33 August 26, 2010 by RobinHood
Spyker have fulfilled its purpose; delaying the inevitable bankruptcy of SAAB until after the election.

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.
23:27 August 26, 2010 by Scotsaab
I'm surprised you two (jack sprat and RobinHood) are not running the global motor industry - you seem to know a lot more about it than those of us on the inside.

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!
00:47 August 27, 2010 by Luke35711
I am a pessimist too. American automakers recovered but they still wanted to sell Swedish subsidiaries. They didn't have to.

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.
08:10 August 27, 2010 by d_s
I dont see any reason why a Swedish automaker should be one bit pessimist. Volvo has enjoyed excellent sales figures despite of the gloom and Saab is busy making a comeback, hungrier than ever.

@ Luke35711: have you tried their products? They are wolrd-class and better than the most. What is your definition of special?
09:23 August 27, 2010 by old git
Special cars , crap service. I know someone who has been waiting for over a month to get a Saab wheel replaced...
13:43 August 27, 2010 by McChatter
Whoever wrote this article should take a crash course in English grammar. There are a few sentences that just don't make sense. Maybe the same person who does Spyker's accounts? LOL
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