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comment on KevinM's: Re the sale to Geely, as I recall it was for only 200M to Saab while under GM (and it was for old 9-5 and 1st gen. 9-3 stuff)
Here's how spyker's purchase stood when it was finalized: (my own opinion about survivability is that thankfully money is extremely cheap right now and it's looking to stay that way for quite some time, thus good for Spyker's financial structure, as well as car- purchase-financing)
...is buying Saab for $74 million in cash and $326 million in preferred shares in the new company, which is likely to be called Saab Spyker Automobiles. A person familiar with the matter has said that GM is also getting $100 million of Saab’s liquidity. ......
The $1 billion Saab needs will mainly come from $326 million in the creation of preferred shares from GM receivables on Saab and a planned 400 million-euro ($558 million) loan from the European Investment Bank as outlined in the sale agreement, Spyker said. Another $200 million will come from available cash, Spyker said in a separate statement.
Payments for Saab will start with $50 million at the time of the deal’s closing planned for this month, with half financed through borrowings from Spyker Chief Executive Officer Victor Muller’s Tenaci Capital BV investment company and half through a share sale, Spyker said. The manufacturer said it hasn’t yet confirmed investors to fund another $24 million payment due on July 15 that it plans to finance primarily through senior debt.
Saab probably won’t need to raise more money in the future before returning to profit, Zeewolde, Netherlands-based Spyker said. Muller wasn’t immediately available to comment.
posted by 76.121.136...
, Sun, 31 Oct 2010 08:15:46
, Fri, 29 Oct 2010 06:35:14
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