Spyker pays back General Motors in full for Saab purchase

Spyker pays back General Motors in full for Saab purchase
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Spyker’s purchase of Saab is finally complete after the Dutch supercar maker announced that the company has completely paid General Motors for every penny, nickel, and dime left in the 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".

Source: Spyker

Kirby Garlitos
Automotive Aftermarket Expert - kirby@topspeed.com
Kirby’s first exposure into the world of automobiles happened when he caught Knight Rider on television as a five-year old boy. David Hasselhoff didn’t leave much of an impression on him (that happened later on in Baywatch), but KITT certainly did. To this day, Kirby remains convinced that he will one day own a car with the same ‘spirit’ as the original KITT (not the 2008 monstrosity). He doesn't know when that will be, but until then, he’s committed to expressing his love for KITT, and all cars for that matter, here at TopSpeed.  Read More
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  (427) posted on 05.19.2011

Well, it’s just enough to see this vintage car. But to make a production version for that..Well, I think its just a craziness. I mean, who would love to drive this old cars? Its better to donate them on museum.

  (383) posted on 05.19.2011

hmm. Its kind of sad to see this vintage turned into pieces just like that.
Well, I think that have the idea on how much is this car cost.

  (273) posted on 05.6.2011

Another thing to consider is the cost of living of each residents. You’ve got to determine the supply and demand before you decided to purchase another models. In Europe, expect a huge turnout of expenses here.

  (302) posted on 04.15.2011

Most probably they have a problem in their company. However, I was a little shocked because they were actually releasing cars every week! Well, it sounds good..

  (506) posted on 04.1.2011

hmm. It seems that GM is selling their brand..Well, I don’t like to think that it has something to do with their problem financially because of their low sales due to hybrid competition in the market. 

  (939) posted on 07.12.2010

Congratulations to all those who dreamed of this day. I trust you are all planning to buy one, if not two or three, new Saabs in the very near future, because that’s what it’s going to take for this to succeed — that, and a whole heck of a lot of luck.

  (806) posted on 07.11.2010

Well, you’ve got to admit the price was right. One of the most modern assembly and design centers in Europe, guaranteed access to a large supply network and brand new product all paid for and waiting for release/sale.

  (858) posted on 07.8.2010

Maybe Spyker doesn’t want to give them equity. I mean, a deal is a deal. If you want to change it both sides have to agree. And given that keeping some equity might seem like a desirable thing for GM, it’s possible Spyker doesn’t want to give it up.

  (518) posted on 07.8.2010

good, now come out with all-new products that aren’t re-badged gm products! everyone knows the 9-3 is on a shortened version of the malibu’s platform and the new 9-5 is based on the buick lacrosse.

  (1022) posted on 07.7.2010

Saab sold 93,000 cars last year through 1,100 dealerships around the world.

  (612) posted on 07.7.2010

I agree, congratualtions to spyker.. they rely more on their marketing capability to pay the GM.

  (555) posted on 07.6.2010

impressive, i guess their marketing strategies and hard work did paid

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