Spyker pays GM the final payment to GM in its takeover of Saab

Spyker has paid the second and final installment to General Motors for its purchase of Saab earlier this year.

The $24 million (£15.8m) payment has been paid by an internal loan from Saab Great Britain, a move which has allowed Spyker to avoid seeking external funding to finish paying off GM. The deadline for the payment was 15 July.

There had been concern that Spyker would rack up extra debt in paying GM the final installment.

Spyker and Saab boss Victor Muller said paying off GM would allow the firm to focus on the future of the group.

“The early payment of the second and last installment underlines our desire to finalize the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group,” he said.

The firm will launch an estate version of the 9-5 and a 9-4X SUV next year, while it is also planning to a launch a new 9-3 range and 91 supermini within the next three years.

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7

7 July 2010

Why did SAAB GB have to pay the bill to GM. Did the first phase of the takeover mean that the British arm was owned by Spyker first, or is SAAB GB cash rich so could afford to lend the money to Spyker?

Anyone know whats what?

7 July 2010

As far as I understand it, Saab GB wasn't purchased by Spyker until April this year. It's a seperate company and has loaned the cash to Saab Spyker to make the final payment to GM. I read somewhere that Spyker paid £1 for Saab GB and got access to the funds etc... Sounds good to me! :)

7 July 2010

Thats like my boss buying a hotel and getting me to pay for it, wonder how that pitch started

7 July 2010

[quote Autocar]Spyker has paid the second and final installment to General Motors for its purchase of Saab earlier this year.

The $24 million (£15.8m) payment has been paid by an internal loan from Saab Great Britain, a move which has allowed Spyker to avoid seeking external funding to finish paying off GM. The deadline for the payment was 15 July.

There had been concern that Spyker would rack up extra debt in paying GM the final installment.

Spyker and Saab boss Victor Muller said paying ...Read the full article[/quote]

Sounds like a great plan for Spyker...similar to what some Americans have done with football clubs - you can buy them for whatever amount you want, especially if you don't have any money!

My concern for SAAB would be that if Spyker could not raise this (in context) small sum, then how is it going to fund things going forward? I fear another Rover situation, give it five or six years...but I sincerely hope I am wrong!

To live is to drive

8 July 2010

I can't imagine Spyker has funds and people to develop new models for Saab, if GM let it go for just 24m the health of the company is very far from good.

I think Spyker is interested in some of Saab plants and wind tunnels, not much more.

8 July 2010

[quote bentleyboy]

My concern for SAAB would be that if Spyker could not raise this (in context) small sum, then how is it going to fund things going forward? I fear another Rover situation, give it five or six years...but I sincerely hope I am wrong!

[/quote]

Agreed. It doesn't sound particularly promising...

8 July 2010

The one thing that strikes me though, is how much passion for the brand Mr Muller seems to have. His heart seems to be in it and maybe perhaps his heart is ruling over his head. But I wish him and Saab the best of luck!

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