According to Bloomberg News, Saab Automobile and the Swedish company, the parent company of Spyker, will implement a voluntary liquidation (Liquidate). Even if it successfully sells Saab and Spyker, the proceeds will not be able to meet the debt owed.
On November 11, 2011, the Swedish Automobile NV, headquartered in Zeewolde, the Netherlands, issued a statement saying that a preliminary agreement is being concluded to completely separate the Saab and Spyker sports cars and consider “all options ", Including voluntary liquidation of debt.
According to the Swedish car, the sale of Saab and Spyker will bring a net income of 132 million euros (1.81 billion U.S. dollars) to the company, but the company currently owes a debt of 136.5 million euros, which makes it particularly unfeasible for the transaction. The GM’s obstruction of Saab’s deal has directly caused “the future of Swedish cars and the implementation of shareholders’ rights and interests to encounter many problemsâ€.
The Swedish car also said on the same day that it is negotiating with General Motors in order to obtain its consent on the sale of Saab. In addition to General Motors, the National Development and Reform Commission of China, the Swedish government, and the European Investment Bank EIB must all pass through. The previously concluded agreement expires on November 15.
The Swedish car is also continuing discussions with the American investment company North Street Capital LP on the sale of the Spyker sports car. In September of this year, NSC expressed its intention to purchase the C8 Aileron Super Running Business at a price of 32 million Euros.
On November 11, 2011, the Swedish Automobile NV, headquartered in Zeewolde, the Netherlands, issued a statement saying that a preliminary agreement is being concluded to completely separate the Saab and Spyker sports cars and consider “all options ", Including voluntary liquidation of debt.
According to the Swedish car, the sale of Saab and Spyker will bring a net income of 132 million euros (1.81 billion U.S. dollars) to the company, but the company currently owes a debt of 136.5 million euros, which makes it particularly unfeasible for the transaction. The GM’s obstruction of Saab’s deal has directly caused “the future of Swedish cars and the implementation of shareholders’ rights and interests to encounter many problemsâ€.
The Swedish car also said on the same day that it is negotiating with General Motors in order to obtain its consent on the sale of Saab. In addition to General Motors, the National Development and Reform Commission of China, the Swedish government, and the European Investment Bank EIB must all pass through. The previously concluded agreement expires on November 15.
The Swedish car is also continuing discussions with the American investment company North Street Capital LP on the sale of the Spyker sports car. In September of this year, NSC expressed its intention to purchase the C8 Aileron Super Running Business at a price of 32 million Euros.
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