Saab Sold to Spyker
By Chris Weiss
It looks like Saab was finally rescued from the scrap heap. After all the 13th hour negotiations as GM was already winding the company down, a deal with Spyker was finally made.
The Wall Street Journal is reporting that Spyker will pay GM $74 million in cash while a loan from European Investment Bank will provide $566 million. GM will maintain $326 million in shares.
Spyker Chief Victor Muller has vowed to bring back the “Saabish” qualities that inspired brand loyalty across the world. However, it’s not known how capable a tiny supercar manufacturer that has never had a profit is of leading the ailing brand. Saab may not be much better off than it was last week.
Spyker will change its name to Saab Spyker Automobiles. [WSJ via Jalopnik]
