Spyker has landed a 25 million dollar loan that will secure its acquisition of General Motors' loss-making Saab unit.

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Dutch sports-car maker Spyker said Monday evening that it had entered into a 25 million dollar convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

“This loan secures the funding necessary to close the Saab transaction as the first $25 million has already been paid to GM on January 26, 2010", the company wrote in a statement.

The news came the same day as the EU's competition watchdog approved Swedish plans to act as guarantor for an European Investment Bank (EIB) loan to Saab.

"We are delighted that Heerema has decided to become an investor in our company”, Spyker’s chief executive officer Victor Muller said. “I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result".

Victor Muller has been looking for investors to finance payment for Saab. One third of its 74 million dollar payment to General Motors has been missing. 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.

The loan has a two year term, an interest of Euribor plus 10 percent and is convertible into shares at 4 euro each. It is also conditional on Saab receiving the EIB loan.

"Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the Saab brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value",  Pieter Heerema said in the statement, adding:

"This value represents much more than money alone".