Swan is currently in negotiations about the sale of Spyker (its only remaining subsidiary), but admits, based on the current situation, the proceeds of the sale would not be enough to allow it to meet its liabilities in full.
The embattled company concedes if it cannot complete the sale of Spyker or secure further financing for Spyker and/or Swan, it is likely Swan would sink and drag Spyker down with it.
Swan says it is considering all options, including “an orderly, phased wind-down” of itself.
The companies’ prospects were not helped overnight by the resignation of four senior Swan board members. Three members of the supervisory board of Swan – Hans Hugenholtz, Maurizio La Noce and Alex Roepers – and member of Swan’s management board Rob Schuijt stepped down after a “difference of opinion” with Swan CEO Victor Muller over the funding alternatives available to Swan.
The news follows yesterday’s revelation that the receivers of Saab – which filed for bankruptcy on December 19 – are auctioning around 120 production and concept vehicles from the Saab Museum in Trollhattan as they look for fast ways to secure money during the wind-down process.