Saab secures European Investment Bank loan
Moves to save Saab have taken another step forward overnight with the European Commission approving a 400 million euro (AUD$633 million) loan from the European Investment Bank to help establish Saab Spyker Automobiles N.V.
European Union competition commissioner, Neelie Kroes, said the loan to Saab will not cause “any undue distortions of competition” and complied with the aid rules it set out.
The original deal signed with General Motors on January 26 required Dutch supercar maker Spyker to part with US$74 million and US$326 million in preferred shares. US$50 million was to be paid by February 15, with the remaining US$24 million due on July 15.
Spyker initially paid US$25 million to GM at the signing of the deal. Today it announced it is entering a loan agreement with Heerema Holding Company to secure the other US$25 million, and remains confident of finding the remaining US$24 million to finalise the deal.
Spyker last week revealed its ambitions to return Saab to profitability by 2012 and expand the range to four vehicles in the future, including the 9-4X crossover and a 9-1 small car.
(with Bloomberg)
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