Press Release: Swedish Automobile may sell Spyker sportcar businises.

SWEDISH AUTOMOBILE REACHED CONDITIONAL AGREEMENT ON MAIN TERMS SALE SPYKER BUSINESS

Zeewolde, The Netherlands, 29 September 2011 – Swedish Automobile N.V. (Swan) announces it has reached conditional agreement with North Street Capital, LP (North Street) about the main terms of the sale of the Spyker sportscar business.

The indicative terms of the transaction envisage net proceeds to Swan of approximately EUR 32 million if and when the sale would become wholly unconditional. Since the Spyker assets are pledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan’s debt to Tenaci.

North Street has a long term view on the development of the Spyker brand as an ultra high-end super sportscar manufacturer and has the resources to see such development through. Victor R. Muller will remain on as CEO and the continuity of Spyker’s relationships with all its stakeholders and clients is warranted.

There can be no assurance that the negotiations can be completed successfully and that final agreement can be reached on the above or different terms.

North Street is a Greenwich, Connecticut USA based private equity firm. North Street managing partner Alex Mascioli is a life long race car driver.

Belfast_Saab
Member
5 years 11 hours ago

“Victor R. Muller will remain on as CEO ” – that’s a worry. I would have said selling Spyker was a good move as VM needs to focus entirely on Saab. Hopefully this envisages a time when Saab has a new CEO and VM returns to Chairman role?

ANA
Member
5 years 6 hours ago

I suspect that many parties would want VM to depart completely once this mess is sorted out.

TobiasE
Member
5 years 11 hours ago

Off topic but anyway interesting news.
Maud Olofsson and Andreas Carlgren are leaving the government

Audun
Member
5 years 10 hours ago

“Lööf sade också att hon ser företagsamhet och teknik som en viktig drivkraft för att skapa en hållbar ekonomi.”
Great, I think that must be good for Saab.

moose
Member
5 years 10 hours ago
Since the Spyker assets are pledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan’s debt to Tenaci. Could someone knowing the Tenaci/SWAN (Spyker/Saab) corporate arrangements better than I do explain what this means? To me it seems that the money coming in from the sale of Spyker is not going to Saab/SWAN. Instead it is going to Tenaci which is “51% owned by Victor Muller, and 49% by un-named shareholder” (Antonov?) (http://saabsunited.saabklubben.se/2011/01/vladimir-antonov-in-svd-se-news-today.html). I think that it is also quite logical that Victor would take home the money which is made by… Read more »
Audun
Member
5 years 10 hours ago

May be he has to do this to be able to keep his part of SWAN?

Tripod
Member
5 years 6 hours ago

“… by selling the company he has found and invested in to …”

Co-founded; with Maarten de Bruijn, the engineer and designer. He left the company sometime around 2005. But VM was the investor at the time.

lol
Member
5 years 10 hours ago

What about Vladimir Antonov ?
He had to buy Spyker ==> no more ?
Is he definitly out of business with SAAB ?
His long silence is troubling ? Even in Twitter where he was quite active, there’s no news
Anyone has some information?

zippy
Member
5 years 1 hour ago
TobiasE September 29, 2011 at 11:37 said Off topic but anyway interesting news. Maud Olofsson and Andreas Carlgren are leaving the government Lets hope Maud isnt gonna be the new CEO of Saab! I personally dont think selling Spyker is going to help Saab one buit as I am sure any money gained will be used by VM to pay back the money he borrowed from VA to buy Saab in the first place. We are still here folks and the fat lady has her jaw wired shut and is slimming down as we speak. Must be a lot of… Read more »
spacy
Guest
5 years 22 minutes ago

.

Nah….remember she said she don’t know about car making’

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