- Jul 5, 2010
Spyker Cars pays off GM for Saab purchase ahead of schedule
Spyker C8 Aileron Spyder at Galpin Spyker – Click above for high-res image gallery
Spyker has announced that the Dutch supercar manufacturer has completely paid General Motors for the purchase of Saab. The purchase was split into two payments, the last of which was due on July 15, but Spyker opted to send the full $24 million to Detroit ahead of time. The builder of the C8 Aileron says that the funds originated from internal sources, and that the company didn't have to take on any additional debt because of the early payment.
The move is the latest in Spyker's plan to resurrect Saab from its withered state. Recently, the company has said that it plans to broaden and firm up the Saab dealer network here in the US. At the same time, production of the C8 Aileron will ramp up as well, possibly to dovetail with the company's plan to sell the supercar alongside standard Saab models. Hit the jump for the press release.
Zeewolde, the Netherlands, 5 July 2010 - Spyker Cars N.V. ("Spyker"), manufacturer of premium automobiles under the Saab and Spyker brands, today confirmed it has paid the second and final instalment of the purchase price for Saab Automobile AB ("Saab") to General Motors ("GM").
This USD 24 million payment to GM (plus interest) was due on 15 July 2010, but Spyker opted to pay almost two weeks early.
The payment has been funded from internal group sources and without any increase in external debt and no share issue causing dilution of existing shareholders. This internal funding became available following the closing of the acquisition of Saab Great Britain Limited by Spyker on 31 May 2010.
Victor Muller, CEO of Spyker Cars N.V. says: "The early payment of the second and last instalment 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 and the realization of Saab's business plan".