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Thursday, October 20, 2011

Saab Receives Funding from Spyker Buyer but not from Chinese Partners, Administrator Proposes to Terminate Reorganization


The dramatic Saab roller-coaster continues to painfully drag on with good and bad news for the brand. But let's take it in chronologically order.

This morning, Saab's parent company Swedish Automobile N.V. (Swan) said it has accepted new funding from U.S. private-equity group North Street Capital, which is interested in Spyker.

The equity firm is paying US$10 million for 2.39 million new shares Swan while also providing a further US$60 million as a loan that will be "collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO".

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