IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Tuesday, April 26, 2011

Spyker Cars: Still working with all parties involved to complete property sale

Spyker cars has just issued a press release about the ongoing work to find a solution to Saab's financial troubles. Here's some excerpts:

...the EIB informed Saab Automobile last Thursday that it will only give its consent to the sale of Saab Property if certain additional Conditions are met. The conditions relate - amongst others - to the obligation of Saab Automobile to refinance the sale of Saab Property or replace the purchaser within a limited period of time. Further, the consent to the transaction by the EIB would relate to a partial sale of Saab Property only. In addition, the EIB is requesting further clarification and confirmations from the NDO, the Swedish Government, GM and Saab Automobile.
Spyker and Saab Automobile continue to work on securing additional funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various strategic partners, including various Chinese car manufacturers. No commitments have been received to date.
Finally, Mr. Vladimir Antonov awaits the approval from the NDO and the EIB to be allowed to act as a financier of Saab Automobile and to become a shareholder of Spyker.
To me it looks like the EIB do not object to the sale of the property, but they object to the buyer Vladimir Antonov. We know that GM do not object to the buyer and the Swedish Government and the National Debt Office do not object to the buyer. So why does the EIB object?

The complete press release can be read over at Spyker Cars Internet page.