North Street Capital to invest $70 million in Saab

Article by Christian A., on October 20, 2011

After months of bad news, it appears that Saab is getting lucky as new companies are interested to invest in the carmaker owned by Swedish Automobile. The last company to invest in the troubled Swedish company is North Street Capital, the same firm which bought Spyker, the luxury sports car business of the Dutch owner of Saab. Apparently, the luxury sports car business of the Dutch owner of Saab aims to invest $70 million in Saab as the Chinese bridge financing looks uncertain.

According to Swedish Automobile, the company will accept a $10 million equity investment from North Street Capital and the other $60 million as a loan to fund its ongoing reorganization.

For those who don’t know, Saab has also received about 100 million crowns ($15 million) last week from China's Zhejiang Youngman Lotus Automobile, as part of a 70 million euro ($97 million) loan.

Back in June, Swedish Automobile signed a non-binding memorandum of understanding for China's Zhejiang Youngman Lotus Automobile to buy a 29.9 percent stake and for fellow Chinese company Pang Da to take 24 percent. Saab has to receive a combined 245 million euros ($338 million). [source: Autonews]

If you liked the article, share on:

Topics: saab, investment

Comments

Recommended

The 2018 GMC Sierra 2500HD has arrived this week at the snowy mountains in Colorado for its winter long debut. GMC’s tracked Sierra Mountain Concept will be on display at...
by - November 24, 2017
We’re willing to bet that the Bentley Bentayga is not the first thing that comes to mind for most people who are into off-roading and outdoor activities. It just doesn’t...
by - November 23, 2017
The other day, it was confirmed that Volvo will finally bring the XC40 to US soil, where it will first make an appearance at the 2017 Los Angeles Auto Show....
by - November 23, 2017
There is no question that the new BMW M5 (F90) high performance sports sedan is more powerful, faster and more enticing than the previous model. But for interested customers in...
by - November 23, 2017
Following the Tesla Roadster’s electrifying revelation on Thursday, Musk’s highly ambitious goals have skyrocketed when he tweeted about his future plans for the new sports car. Well, kind of. The...
by - November 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