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Report: GM/Spyker near agreement, Spyker chairman to step down?

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Filed under: Europe, Government/Legal, GM, Saab, Earnings/Financials, Spyker

spkyersaabcont.jpg

Could the Saab endgame - no, the real endgame this time - finally be under way? Bloomberg is reporting that financial terms have been agreed to, in principle, between General Motors and Spyker, and that what remains between the two are sorting out production issues. Beyond that, there are still a couple of catches: Vladimir Antonov, Spyker's Russian backer and company chairman, will reportedly have to leave the company and the Swedish government must agree to guarantee the €400 million ($500 million U.S.) loan from the European Investment Bank.

The money deal is that Spyker gives GM $75 million, GM keeps another $100 million in current Saab liquidity, and The General receives $325 million in preferred shares from the new, Spyker-owned Saab company. That last deal would keep GM in the Saab game, which is perhaps an issue of technology made feasible by Antonov's departure.

The two companies continue to work on the deal in Stockholm. In the meantime, Saab engineers can go on prepping that 9-5 Sport Combi, and if Spyker pulls this off, it will have proved its "Nulla tenaci invia est via" motto and then some.

[source: BusinessWeek via My Smart Trend | Image: Andy M. via Saabs United]

Report: GM/Spyker near agreement, Spyker chairman to step down? originally appeared on Autoblog on Sun, 24 Jan 2010 15:12:00 EST. Please see our terms for use of feeds.

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What a twist! Saab's story has been quite tale, here's hoping that it's not the final chapter but the start of a new one.

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It ain't over yet: that Russian gentleman has to agree to step down and the EIB loan guarantee has to be offered by Reinfeldt, Maud & Co...

But things are definitely looking better for SAAB!

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Personally it is time to let this name plate become part of history. A non-profit auto line that will not do any better as a limited edition line. We have too many auto companies and only so much consumption.

If GM can sell it great, but I do feel bad for the suckers who will finance this mess. Reality is that the hardest decisions are the ones to cut the rotting flesh off and save the healthier larger portion of the body.

I would not have anyone hold their breath.

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Personally it is time to let this name plate become part of history. A non-profit auto line that will not do any better as a limited edition line. We have too many auto companies and only so much consumption.

If GM can sell it great, but I do feel bad for the suckers who will finance this mess. Reality is that the hardest decisions are the ones to cut the rotting flesh off and save the healthier larger portion of the body.

I would not have anyone hold their breath.

Thing is...if GM had actually made even a minimal effort with SAAB, I'd probably agree with you. GM didn't. GM didn't make even a half-hearted investment in SAAB. This is why I'm glad a sale seems likely now, because it's just wrong for a storied nameplate like SAAB, with all of its history, to be pillaged and discarded. If Spyker ends up failing with SAAB, fine. But they at least want to try, which is more than GM did.

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