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DEBT

Saab owner Spyker’s debts greater than assets

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 owner Spyker's debts greater than assets
Spyker CEO Victor Muller

“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.

“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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CARS

Former Swedish Saab bosses appear in court

Swedish car maker Saab's former CEO Jan Åke Jonsson and the firm's former head lawyer Kristina Geers have appeared in court in Vänersborg in west Sweden, accused of falsifying financial documents shortly before the company went bankrupt in 2011.

Former Swedish Saab bosses appear in court
Saab's former CEO Jan Åke Jonsson. Photo: Karin Olander/TT
The pair are accused of falsifying the paperwork at the height of the Swedish company's financial difficulties at the start of the decade.
 
A third person – who has not been named in the Swedish media – is accused of assisting them by issuing false invoices adding up to a total of 30 million kronor ($3.55m).
 
According to court documents, the charges relate to the firm's business in Ukraine and the paperwork in question was signed just before former CEO Jan Åke Jonsson resigned.
 
Both Jonsson and Saab's former head lawyer Kristina Geers have admitted signing the papers but denied knowledge of the Ukranian firm implicated in the case.
 
All three suspects deny all the charges against them.
 

Saab's former head lawyer Kristina Geers. Photo:  Björn Larsson Rosvall/TT
 
Saab filed for bankruptcy at the end of 2011, after teetering on the edge of collapse for nearly two years.
 
Chief prosecutor Olof Sahlgren told the court in Vänersborg on Wednesday that the alleged crimes took place in March 2011, when Saab was briefly owned by the Dutch company Spyker Cars.
  
It was eventually bought by National Electric Vehicle Sweden (Nevs), a Chinese-owned company after hundreds of staff lost their jobs.
 
The car maker, which is based in west Sweden, has struggled to resolve serious financial difficulties by attracting new investors since the takeover.
 
In October 2014 it announced it had axed 155 workers, close to a third of its workforce.
 
Since 2000, Saab automobile has had no connection with the defence and aeronautics firm with the same name. It only produces one model today, the electric 9-3 Aero Sedan, mainly targeting the Chinese market.