Loan payment allows takeover to progress
9 February 2010

Spyker has secured the funding to complete the initial stage of its takeover of Saab from General Motors, the company has confirmed.

The Dutch sports car firm has received a $25 million (£16m) loan from Heerema Holding, a family business dealing in offshore oil and gas refineries.

The money will allow the takeover to progress, but Spyker still needs to secure a further $24m (£15.5m) of funding, which has to be paid to GM by 15 July.

“Spyker is confident that it will secure the funding for this second instalment,” said Spyker in a statement.

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