Saab dealers ready to give Spyker $24 million
If Victor Muller fails to find investors to finance payment, Swedish Saab sellers are ready to step in to save the deal.
| Related news: • Spyker still looking for money to pay for Saab |
Swedish Saab dealers are prepared to supply the $24 million that Dutch carmaker Spyker needs to complete its purchase of Saab, business daily Dagens Industri wrote Friday.
Victor Muller, chief executive officer of Spyker, is still looking for investors to finance payment for Sweden-based automaker Saab. One third of its 74 million dollar payment to General Motors is still missing.
The decision to help Spyker to get the money was formally made at a meeting of the board of the Swedish association of GM dealers.
"We have no doubt that Spyker can manage the financing on its own. But if we can help out if we are asked," Lars Åke Sundén, chief executive officer of the Biva dealership in Linköping, told the newspaper.
The terms call for an installment of 50 million dollars by the expected closing date of February 15 and for 24 million to be paid on July 15.
Swedish debt officials said Wednesday they were reviewing General Motors' sale of its Saab unit in order to make a recommendation to the Swedish government on a state loan guarantee to finance the deal.
Last Updated (Friday, 05 February 2010 11:45)
