Spyker completes Saab payment

Article by Christian A., on August 26, 2010

Instead of external debt, internal funding was used by Spyker Cars to pay General Motors the final $24 million purchase price for Sweden's Saab, dissipating any worries on how this bill would be paid.

Spyker, a Dutch carmaker that has yet to make a profit, took over the larger Saab from GM earlier this year. Spyker is currently doing what it can to revive the brand but many were concerned with the upcoming final installment of the purchase price due on July 15.

Spyker said that the payment was made without raising its external debt or issuing new shares. Spyker clarified that the internal funding became available after the acquisition of Saab Great Britain Limited by Spyker on May 31. Spyker shares were up 0.43% at 2.311 euros at 0713 GMT, in line with a higher Amsterdam market.

According to Spyker Cars spokesman Mike Stainton, the company used cash from Saab Great Britain to pay the final installment to GM. Stainton added that Saab Great Britain, a wholly own subsidiary of Spyker Cars, has given an inter company loan to Spyker.

Last February, Spyker stated that it had yet to secure financing for the $24 million payment, sparing apprehensions about the carmaker's capacity to fund the final part of the deal.

Spyker Cars explained that it intended to fund the payment mainly through senior debt and that it had pledged assets to GM as security for the final payment.

Topics: spyker, saab

If you liked the article, share on:

Comments

Recommended

It’s not a bird. It’s not a plane. It’s Kris Singh’s blue carbon flying machine! Time stood still for a few minutes after the extremely rare Pagani Huayra BC Macchina...
by - May 24, 2017
If you’re selling some of the most expensive and most exclusive cars in the world, perhaps it would be a great idea to commission an ultra-rare work from the same...
by - May 24, 2017
Ford Motor Co. now has a new man on the top, and he goes by the name of Jim Hackett. Effective May 22, 2017, Hackett is named the new president...
by - May 24, 2017
Skoda recently launched the new Karoq compact SUV as a replacement model to its now-defunct Yeti small crossover. Slotted below the newly introduced Skoda Kodiaq, the new Karoq features a...
by - May 23, 2017
There are already rumors suggesting that the next generation BMW 5-Series GT is expected to be joining the 6-Series range. The latest reports instead tell us that that 3-Series GT...
by - May 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries