Swedish Automobile NV ('Swan') continues to look to sell Dutch supercar manufacturer Spyker in the wake of the Saab bankruptcy. Swan said it will carry on with the sale despite the fact that the company's supervisory board has just abandoned the crippled enterprise. According to The Washington Post, Swan announced it had begun negotiations to sell Spyker last September to a private equity firm for $41 million. Now the company says proceeds from that sale won't be enough to ensure that Swan can m
Keeping your staff happy is key to running a successful company. One of the main ways to do that is to pay them, which is an area in which Saab is once again experiencing a bit of trouble. Specifically, Saab cannot pay white-collar employees because committed funds have not yet been fully recovered by investors. The automaker's suppliers are looking to get paid as well, but there's just no money to do so at the moment.
Spyker has announced that Hans Go will step down as the company's Chief Financial Officer on July 1. Automotive News reports that since the sports car manufacturer's operations are being sold to Vladimir Antonov, the Spyker group will now focus solely on Saab. Rob Schuyt is currently acting CFO for the company, but the Swedish automaker is expected announce a permanent CFO later this year. Schuyt is also serving as the statutory director of Saab as well. Meanwhile, things are looking up for the
Six weeks have passed since Saab was forced to halt production of its 9-3 and 9-5 models in Sweden due to a lack of funds needed to pay suppliers. The automaker had hoped to get production back up and running after it agreed to a deal with Chinese automaker Hawtai Motors, but that plan was scrapped after the agreement failed to materialize.
So far in 2011, Saab has been riding a ragged roller-coaster filled with major ups and downs. Just recently, however, things have been trending more positively. Saab inked a deal with Chinese automaker Hawtai that will pump in millions of dollars, and open up major inroads to the vastly expanding auto industry in China. The Swedish automaker is understandably excited by this new deal, and has decided to embark on a global tour to highlight its new partnerships.
Around the same time that Ake Jonsson stepped down as chief executive of Saab, the Swedish automaker announced its expansion into the Russian and Chinese markets – a vital move if Saab is to increase its global market share. But it's not just the cars that Saab and its parent company Spyker are interested in selling in these two giant markets. It's also looking to offload shares in an effort to raise much-needed capital.
Production at Saab's Trollhättan, Sweden plant has been shut down for weeks due, as these things often are, to a lack of cash needed to pay suppliers. That should change in the next week, though, as Saab parent Spyker has announced that it has secured a convertible loan agreement with Gemini Investment Fund Limited worth 30 million euros.
The Saab Shutdown of 2011 grinds on, with uncertain finances threatening to silence the operation for good. Even though Spyker took on the ailing brand, former owner General Motors is still the key to Saab surviving, The New York Times reports. Saab's Trollhättan plant ground to a halt in early April, and part of owner Spyker's plan to infuse working capital includes selling the plant and other real estate holdings to Vladimir A. Antonov and then leasing the property back from him. Antonov
The last few weeks haven't been easy for Saab, as the Swedish automaker has had to stop production twice due to supplier issues. Not just any problems, either, as the suppliers wanted to get paid, and Saab simply didn't have the cash. That led to widespread speculation that the automaker was destined to shutter only a year after Spyker purchased the company from General Motors.
Last week, we told you about the on-off three-day work stoppage at Saab's Trolhättan plant, which occurred due to a financial dispute with one or more suppliers. Spyker CEO Victor Muller then publicly insisted that the delay was nothing more than a "minor glitch" due to a short-term liquidity problem.
Russian investor Vladimir Antonov says that Saab will miss its sales target of 80,000 vehicles this year. According to Reuters, Antonov helped Spyker buy Saab last February, and is looking at taking over Spyker's sports car operations. Antonov also said that missing the sales goal would mean capital problems for Saab.
General Motors still owns a hefty chunk of shares in Saab. So many shares that it was actually able to block Vladamir Antonov from being a shareholder. Mr. Antonov is the Chairman of Conversbank Financial Group, which owns a major stake in Dutch automaker Spyker, and he has expressed a desire to be part of Saab. Now, GM is reportedly ready for him to take a financial interest in the company.
Spyker's association with ex-company chairman Vladimir Antonov is what almost kept the Saab deal from happening. But after a high-profile bid to clear his name (still waiting on the report, Mr. A) and the scent of euros on the table, you didn't really think Antonov was just going to walk away, did you?
Vladimir Antonov will soon give up the position of chairman at Spyker because he stood between the Dutch company and its successful acquisition of Saab. Recent reports indicate that a Swedish government investigation tied Antonov and his family to the Russian mafia and money laundering. Those findings helped kill the initial deal between Spyker and General Motors and led to Antonov's subsequent departure.
What a long, strange trip it's been. Every thriller must have an endgame, although whether the guy gets the girl in the end or just plain "gets it" is often in doubt right until the final frame. This afternoon, after a most improbable and tortured saga, General Motors has finally agreed to sell Saab to Spyker Cars.