Posted on Thursday, 26th January 2012 by Jan
Back in September 2011, Swedish Automobile, the mother company of Saab, put on for sale its luxury brand Spyker. It was set to go for $44 million with the US based firm North Capital showing interest at first but then the deal did not push thru. The Swan, as Swedish Autmobile is also known, had to keep the sports car brand.
The recent fall of Saab was like a knockout punch for the Swedish car manufacturer putting its future in real trouble. Reports say that the company’s owner, Victor Muller, is hoping to sell Spyer to avoid it being shut down.
Muller stated during an interview that it is critical to complete the sale of the Spyker brand or get enough financing to keep afloat the sports car brand and even Swedish Automobile itself. The picture is not that good if the company fails to do either and most likely Swan will not survive.
Swan offered 2.5 million shares in order to secure a life line just for the short term as the company waits potential buyers of Spyker to make their bids.
Another bad news is that the supervisory board of Swedish Automobile lost three members which only leaves on the top post, Victor Muller. The board members of Swan left because of differences in opinion with Muller who is the CEO with regard to the alternative funding that can be tapped by the car manufacturer after its subsidiary Saab filed for bankruptcy and for the future of its sports car division Spyker.
Muller adds that there are negotiations are in progress but Swan wants to evaluate every possible option which includes sizing down the brand and getting additional financing.
Tags: Saab, Spyker, Swedish Automobile, The Swan, Victor Muller
Posted in Saab, Spyker, Swedish Automobile | Comments (0)