The Saab GB issue – my view, in English
April 20, 2010 in News
The Local has been good enough to provide a full English translation of the article I covered earlier today (yesterday, Swedish time).
Let’s get to it, before I rip into the Swedish press (again).
Dutch firm Spyker has declared its intention to cover its losses by taking funds from Saab GB, arguing that the firm is not a Saab subsidiary but an independent company bought from US General Motors.
“Spyker is not taking any money from Saab, this is an independent company which we are buying from GM,” said Saab Automobile chairperson and Spyker CEO Victor Muller on Monday.
Spyker Cars is leaking money, with the niche sports carmaker reporting a loss of 220 million kronor ($30 million) in 2009, three times the value of its sales.
To cover its massive losses, the firm now wants to create a so-called cash pool with the British distribution firm Saab GB, enabling Spyker to borrow money for its business, according to a TV4 report.
The detail was included in a footnote in Spyker Cars annual accounts.
“We are not hiding anything. It is clearly stated in our financial statement,” Muller told news agency TT.
Saab GB is currently owned by US General Motors (GM) and is set to be acquired by Spyker Cars for the sum of