More Good News for Saab as Swedes Receive €25 Million Loan

Another day, another new story for Svenska Aeroplan Aktiebolaget –or, as you might know it, Saab. The Swedish company announced on Wednesday that it has entered a €25 million convertible bridge loan from Gemini Investment Fund Limited.
The loan’s annual interest is 10% and the conversion price is €1.38 per share, while Saab can at any time repay the loan, presumably when the expected Pang Da and Youngman Lotus funding is received, without a penalty.
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Saab Says it Can’t Pay Workers, Company’s Survival in Doubt

New clouds are forming over Saab as the automaker’s parent company, Swedish Automobile N.V., formerly known as Spyker Cars N.V., said on Thursday it will be unable to pay its 3,800 employees their wages because it has not yet obtained the necessary short-term funding.
Swedish Automobile said it and Saab “are in discussions with various parties” to secure short-term funding, including through a sale and lease-back of Saab’s real estate assets.
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Vladimir Antonov Withdraws Proposal to Buy and Leaseback Saab Property

The ink has barely dried on Saab’s latest attempt to form a preliminary deal with China’s Pang Da Automobile and Youngman, and the Swedish company is faced with yet another problem as Russian investor Vladimir Antonov has withdrawn his proposal to buy and leaseback Saab property.
"The property sale is now being discussed with external investors," said Lars Carlstrom, Antonov's representative in Sweden. However, Carlstrom noted that the Russian banker was still interested in becoming a shareholder in Saab’s parent company Spyker Cars NV.
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Lotus and Spyker Join Forces, Sign New Cooperation Agreement

It’s a cruel business world out there and it’s even nastier if you’re as small as Lotus and Spyker. With that in mind, it comes to no surprise that that the two niche sports carmakers are willing to intensify their bonds by signing a new cooperation agreement that will see models from the Dutch supercar maker use platforms and parts from Lotus. Moreover, under the new agreement Lotus will participate in the design and development of all future Spyker models.
Victor R. Muller, CEO of Spyker Cars comments: "Our company has had a very fruitful cooperation with Lotus, developed over the past four years, relating to engineering services in respect of certain components of our cars, as well as in respect of worldwide certification.” -Continued
“Spyker and Lotus have now come to the conclusion that they need to intensify their cooperation to the point that we intend to share parts and platforms, as well as an agreement on the supply of parts. Moreover, Lotus Engineering has become Spyker's preferred subcontractor in respect of a number of engineering projects relating to the Spyker C8 Aileron and the Spyker D8 Peking-to-Paris.”
Michael Kimberley, CEO of Lotus Cars Ltd., added: "Lotus is very pleased to be identified as Spyker's preferred Engineering supplier for these unique "high Brand Image" ground breaking cars. We look forward to working with Spyker to expand our global business opportunities, projects and interests for our mutually synergistic Products and Technologies”
“Lotus Engineering has a great heritage and solid track record in developing innovative solutions for clients and we look forward to using Lotus' advanced light weight vehicle know-how and vehicle dynamics technology to enable Spyker to establish itself as a dynamic premium automotive player.”
Source URL: http://sparesomeribs.blogspot.com/search/label/Spyker
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