Swedish Automobile N.V. [Swan] owner of cash-strapped Saab, announced today that it has reached an agreement with US-based private equity firm North Street Capital LP concerning the main terms for the sale of its Spyker luxury sports car business.
North Street Capital LP is based in Greenwich, Connecticut and its managing partner, Alex Mascioli, also doubles as a race car driver.
The Swedish company said it will receive €32 million ($43.6 million USD) “if and when the sale would become wholly unconditional”, adding that "since the Spyker assets arepledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan's debt to Tenaci."
Swan CEO Victor Muller, who has sought to sell Spyker since February in order to focus on Saab, will remain as Spyker CEO in order to ensure the continuity of the carmaker's relationship with its customers.
The company notes, however, that there can be “no assurance” that the negotiations will be completed successfully and the final agreement will be reached on the already discussed or different terms.
Maybe that’s because Muller knows from his prior experience with Saab and Spyker and their former suitor, Victor Antonov, that it ain’t over until it’s really over…
5 Comments:
pretty cool, looks like something out of speed racer. The Swedes always seem to design stuff that is a little bit eccentric, and this is a good example. I like the intakes on the side, they look like gun ports on a fighter jet.
a bit of correction there Aaron, if I may...it's Dutch and not Swedish.
oh oh the Pope of the automotive world is not infalable.
Esoteric and interesting best describes the Spyker automobile. Love 'em to death and glad that a car enthusiast bought the company.
A radical design a head of everyone else, but time is catching up, and just like Saab where it has not even bothered to change its design to keep up with the rest of the auto industry, look where it is now. It finally did, but was way too freaking late. I think Spyker will have the same fate. Sold at $43.6 million USD, it's probably an tax evasion move for the buyer.
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