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.
“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?
Belfast,
Saab will get a new CEO, no worry about that.
Great! 🙂
I suspect that many parties would want VM to depart completely once this mess is sorted out.
Off topic but anyway interesting news.
Maud Olofsson and Andreas Carlgren are leaving the government
“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.
May be he has to do this to be able to keep his part of SWAN?
Well, Banks love nice financial books 😉
But yes, what you are saying is very much how I understand it.
@ Meller: I think you ask good questions that deserves to be answered.
Meller, the factory stoppage can be seen as the result of high expenses in form of expensive loans and similar. By paying off some of those loans, they create an easier path to profitability once production finally gets moving again.
They may not be too keen on restarting production at this point until the sticky issues have all been resolved.
Besides, isn’t Guy Lofalk the one in charge now?
As far as I see it Tenaci was quite literally the first in line for payment as that was the entity initially created to transfer GM to Saab. Unless the debts of a subcontractor go back to the pre-sale dates, then I don’t see how they could have been in line first for payment.
Cut VM a break here, he had to go out and broker this deal himself from the looks of it, he deserves to pay back his financiers here too.
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RUNE
Only the bits of reconstruction….NOT Swan
“… 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.
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?
Car&Driver states that Spyker is already sold, and has an interview with the new owner of Spyker Cars.
the managing partner of North Street Capital is called Alex Mascioli, and has a very interesting garage.
Nothing wrong with that! I am sure the Saabs in his garage enjoy the company. 🙂
Cool, since no one would assume the new owner of Spyker would necessarily have, or even care for Saabs.
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Nah….remember she said she don’t know about car making’