Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Swedish Automobile changes name back to Spyker]]>http://www.autoblog.com/2012/04/12/swedish-automobile-changes-name-back-to-spyker/http://www.autoblog.com/2012/04/12/swedish-automobile-changes-name-back-to-spyker/http://www.autoblog.com/2012/04/12/swedish-automobile-changes-name-back-to-spyker/#commentsFiled under: ,

Spyker

What's in a name? Just ask the people at Spyker.

Back in 2010, the small Dutch producer of exotic GTs bought an ailing Saab from General Motors and proceeded to focus all its energies on keeping it afloat. And as if to reflect that shift in focus, changed its name to Swedish Automobile NV - or SWAN for short.

Now that Saab has gone bankrupt, however, the Dutch holding company has officially changed its name back to Spyker. Just what that means, however, when the cars are built in the UK by CPP and the sportscar business was sold last year to North Street Capital, remains to be seen.

Continue reading Swedish Automobile changes name back to Spyker

Swedish Automobile changes name back to Spyker originally appeared on Autoblog on Thu, 12 Apr 2012 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>cppnorth street capitalsaabspykerspyker carsswanswedish automobile nvThu, 12 Apr 2012 09:00:00 EST http://www.autoblog.com/feed/20213413/article-comments.xml http://www.autoblog.com/feed/2012/04/12/swedish-automobile-changes-name-back-to-spyker/20213413/article-detail.xml 20213413 http://www.blogcdn.com/www.autoblog.com/media/2012/04/spyker-emblem_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/spyker-emblem.jpg <![CDATA[Admin trying to terminate Saab reorg, Muller responds by trying to terminate admin]]>http://www.autoblog.com/2011/10/21/admin-trying-to-terminate-saab-reorg-muller-responds-by-trying/http://www.autoblog.com/2011/10/21/admin-trying-to-terminate-saab-reorg-muller-responds-by-trying/http://www.autoblog.com/2011/10/21/admin-trying-to-terminate-saab-reorg-muller-responds-by-trying/#commentsFiled under: , , , ,

Saab emblem

Things are apparently getting nasty inside Saab as the company continues to scramble for a route to viability. Autocar reports that Guy Lofalk, the court-appointed administrator placed in charge of the company's reorganization affairs, recently applied to terminate the automaker's reorganization process. That move would effectively strip Saab of the protections it enjoys from its creditors while it seeks further investment from outside sources, which means it wouldn't be long before the company found itself snuffed out. But CEO Victor Muller has vowed that Saab will continue to fight for survival, and the automaker has reportedly moved to have Lofalk ousted from the process as a result of his actions.

How's that for some corporate drama?

Muller also said that he believes that Lofalk's talks with Pang Da and Youngman may have lead the two Chinese automakers to consider a full takeover of the Swedish brand instead of merely buying a 50-percent stake in the company. The two companies reportedly made a takeover offer today, but Muller says that Lofalk has overstepped his authority. Saab has since outright rejected the takeover offer, and both Pang Da and Youngman have backed away from the automaker altogether. That would appear to leave Saab with little more than a small investment from North Street Capital to keep it afloat.

Admin trying to terminate Saab reorg, Muller responds by trying to terminate admin originally appeared on Autoblog on Fri, 21 Oct 2011 14:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>guy lofalknorth streetnorth street capitalpang dasaabswanswedish automobilevictor mulleryoungmanFri, 21 Oct 2011 14:01:00 EST http://www.autoblog.com/feed/20087442/article-comments.xml http://www.autoblog.com/feed/2011/10/21/admin-trying-to-terminate-saab-reorg-muller-responds-by-trying/20087442/article-detail.xml 20087442 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-center-cap_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-center-cap.jpg <![CDATA[Saab secures private equity investor, doubts timing of Chinese money]]>http://www.autoblog.com/2011/10/20/saab-secures-private-equity-investor-doubts-timing-of-chinese-m/http://www.autoblog.com/2011/10/20/saab-secures-private-equity-investor-doubts-timing-of-chinese-m/http://www.autoblog.com/2011/10/20/saab-secures-private-equity-investor-doubts-timing-of-chinese-m/#commentsFiled under: , ,

Saab has announced that it has received a financial commitment from U.S.-based North Street Capital. The offer has arisen over doubts that the deal previously brokered with Chinese automakers Pang Da and Youngman will actually come to fruition. Saab intends to accept the new offer from its U.S. suitor.

The deal commits North Street Capital to 2,386,635 ordinary shares of Swan at $4.19 per share. In addition, North Street will loan Saab $60 million in exchange for a first lien on certain Saab assets as collateral. The deal is set to be inked no later than Monday, October 24.

Originally, Saab was set to receive the full bulk of the $97 million promised by Pang Da and Youngman on Saturday, October 22. Even so, there seems to be some trepidation from the automaker about whether or not those funds will materialize, and Saab says that it needs immediate funding to stave off an implosion. Hit the jump for the press release.

Continue reading Saab secures private equity investor, doubts timing of Chinese money

Saab secures private equity investor, doubts timing of Chinese money originally appeared on Autoblog on Thu, 20 Oct 2011 11:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>north streetnorth street capitalpang dasaabsaab fundingyoungmanThu, 20 Oct 2011 11:00:00 EST http://www.autoblog.com/feed/20086264/article-comments.xml http://www.autoblog.com/feed/2011/10/20/saab-secures-private-equity-investor-doubts-timing-of-chinese-m/20086264/article-detail.xml 20086264 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-emblem_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-emblem.jpg <![CDATA[Spyker sold to U.S. private equity firm]]>http://www.autoblog.com/2011/09/28/spyker-sold-to-private-equity-firm/http://www.autoblog.com/2011/09/28/spyker-sold-to-private-equity-firm/http://www.autoblog.com/2011/09/28/spyker-sold-to-private-equity-firm/#commentsFiled under: , , ,



According to a report by the Financial Times, Spyker Cars has been offloaded to a Connecticut-based private equity firm after a deal to sell the supercar manufacturer to another set of investors failed a few months back.

North Street Capital, LP is the supposed new owner of Spyker, which Saab had been attempting to sell earlier this year. Negotiations were originally being hashed out between Saab and a partnership between a British and Russian consortium and Vladimir Antonov, which just recently announced plans to build a modern interpretation of the Jensen Interceptor.

As of today (9/28/2011), the terms of the deal haven't been released by either Saab or North Street Capital. Clearly though, considering how cash-strapped the company is, Saab is in desperate need of a funding infusion. We'll update this post with more details as they become available.

Spyker sold to U.S. private equity firm originally appeared on Autoblog on Wed, 28 Sep 2011 16:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakingnorth street capitalsaabspykerswedish autoWed, 28 Sep 2011 16:59:00 EST http://www.autoblog.com/feed/20069029/article-comments.xml http://www.autoblog.com/feed/2011/09/28/spyker-sold-to-private-equity-firm/20069029/article-detail.xml 20069029 http://www.blogcdn.com/www.autoblog.com/media/2011/09/09spyker1jb0896-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/09/09spyker1jb0896-628.jpg -1 2