Currently reading: Spyker completes Saab purchase
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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PRODIGY 8 July 2010

Re: Spyker completes Saab purchase

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!
disco.stu 8 July 2010

Re: Spyker completes Saab purchase

bentleyboy wrote:

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!

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

matsoc 8 July 2010

Re: Spyker completes Saab purchase

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.