Almost three weeks ago, Saab held their creditors meeting in Vänersborg, Sweden. Only days before, Swedish Automobile (Swan) negotiated for the complete sale of Saab Automobile to the Chinese consortium of Youngman and Pang Da. What seemed at the time like a savior for the company to tired suppliers, dealers, and the Saab community unraveled within days once GM lodged their unwillingness to license the technology that underpins current Saab models, in addition to ceasing 9-4X production.
While all of this has unfolded, North Street Capital (NSC) was working behind the scenes to purchase Spyker from Swan. At times they’ve been prepared to offer a more substantial influx of cash through bridge loans to ensure Saab’s creditors be paid, though these deals were put aside by Swan to focus on a Chinese deal. North Street is aware of speculation regarding their involvement in the sale of Saab. I spoke with Alex Mascioli, Managing Partner at North Street, who wanted to clarify their position in the current situation.