Law and Rights
Well, perhaps the turmoil of the last year is over for at least one of GM's orphaned brands, Saab.
For 20 years GM has had control of Saab but it now has reportedly struck a deal with Spyker Cars NV, a Dutch sports car builder, for sale of the trouble Swedish Saab brand. Spyker sought, and apparently obtained government loans to back the deal, reportedly in excess of half a billion dollars.
The new company will be called Saab Spyker Automobiles NV and will be owned in small, toe-hold part by GM.
The $74 million price tag will be paid for in two lump sums, if the deal goes through. $326 million worth of preferred shares in the merged company also goes to GM but those shares represent less than 1 percent of Saab Spyker's voting rights, Spyker said.
While some Saab dealers have already cut back or closed, it's good news for the struggling brand and its remaining dealers.
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Law and Rights
Saab Lives, thanks to Spyker Auto
Well, perhaps the turmoil of the last year is over for at least one of GM's orphaned brands, Saab.
For 20 years GM has had control of Saab but it now has reportedly struck a deal with Spyker Cars NV, a Dutch sports car builder, for sale of the trouble Swedish Saab brand. Spyker sought, and apparently obtained government loans to back the deal, reportedly in excess of half a billion dollars.
The new company will be called Saab Spyker Automobiles NV and will be owned in small, toe-hold part by GM.
The $74 million price tag will be paid for in two lump sums, if the deal goes through. $326 million worth of preferred shares in the merged company also goes to GM but those shares represent less than 1 percent of Saab Spyker's voting rights, Spyker said.
While some Saab dealers have already cut back or closed, it's good news for the struggling brand and its remaining dealers.
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Subscribe in a reader- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
Is Saab going, going, gone? Rumors of near-bankruptcy circulate as Saab delayed its release of the first half 2011 financial report which, obviously, will likely be printed with red ink. News reports say Saab missed another payroll and its suppliers still...
- Saab Troubles Continue As Asset Seizure Nears
It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room....
- Saab Is Tottering On The Brink Of Collapse - Financing Falls Thru
Saab breathed a sigh of relief a few days ago when it announced a deal with a Chinese automaker that would have Hawtai Automotive Group gobble up 29.9% of Saab and loan it more money, funneling to Saab $216 million. With the money, Saab was set to pay...
- Dutch Luxury Car Maker Bids For Saab
First it was reported that any Saab sale was kaput. Then it was reported that a China company was mulling it over and a sale looked likely. Now, they say the Dutch are back in the buying game, as luxury car maker Spyker Cars NV was reported to be the...
- Saab Sale Dies, And Saab With It
GM received word today that the only buyer for the Saab brand has backed out. It looks like the Saab sale will die and Saab with it. GM had notified the Saab dealers that it would close Saab down if it didn't find a buyer and for months the only...