Spyker revised the value of its Saab assets to 132.3 million euros
By Andrew, 28 Feb, 2011. 0 Comments
2012 Saab 9-3 Griffin
Due to losses, Dutch automaker Spyker Cars has revised the value of its Saab assets to EUR132.3 million ($182.9 million), from EUR54.4 million. In 2010, Spyker acquired the much larger Saab for $400 million from General Motors Co. Spyker recently unveiled plans to sell its sports-car business to Russian investor Vladimir Antonov to focus on the Saab brand. The sale, which could fetch a total of EUR32 million, will allow Spyker to pay down debt. Spyker had been expected to revalue the assets. CFO Hans Go said the value had been revised up by EUR77.9 million, giving a total of EUR132.3 million. Spyker said in a statement that it was required to recognize the resulting gain as a profit on closing. [via autonews - sub. required]
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