Spyker pays back General Motors in full for Saab purchase
With the last payment on the 15th of July, Spyker opted to pay GM the remaining $24 million it owed ahead of schedule, officially finishing the deal that saw the General turn over Saab to Spyker earlier in the year. Even more impressive is the fact that Spyker didn’t have to take on any loans or add to its debt to make the payment, opting to use funds that came from the company’s internal sources.
Now that Saab is officially the property of Spyker, the latter has become extra aggressive in building the Saab brand back up to respectability, a stark contrast from where it stood a year ago when it was on the verge of shutting down permanently. The latest we heard was that Spyker is looking into ramping up and expanding Saab’s dealership networks in the US and in doing so, would also open the doors for its own line of Spyker supercars, which the company is also looking into ramping up as well, to join the fold.
We gotta say, we thought Saab had one foot in its grave before Spyker swooped in from the Netherlands to save the beleaguered Swedish brand. Now it looks like the brand is on the rebound to become a player in the auto industry once again.
Press Release after the jump
Spyker Cars N.V., manufacturer of premium automobiles under the Saab and Spyker brands, today confirmed it has paid the second and final installment of the purchase price for Saab Automobile AB to General Motors.
This USD 24 million payment to GM (plus interest) was due on 15 July 2010, but Spyker opted to pay almost two weeks early.
The payment has been funded from internal group sources and without any increase in external debt and no share issue causing dilution of existing shareholders. This internal funding became available following the closing of the acquisition of Saab Great Britain Limited by Spyker on 31 May 2010.
Victor Muller, CEO of Spyker Cars N.V. says: "The early payment of the second and last installment underlines our desire to finalize the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group and the realization of Saab’s business plan".