Luxury auto Spyker to be sold to keep Saab afloat
Oct 3rd, 2011 by davidjhinku
When Spyker, a maker of luxury sports cars, bought Saab last year, there were doubts whether the small sports car company would be able to bail Saab out of its financial woes. After joining to form Swedish Automobile, the luxury car company is being jettisoned in hopes that the cash from the sale will keep Saab afloat until a potential deal with Chinese auto companies, goes through.
Like previous dealings between Swedish Automobile and Vladmir Antonov, a deal to sell Spyker fell through earlier this year. Mr Mascioli, Managing Director for North Street Capital, has announced he would be purchasing the company stating “he has owned a few racing cars, he has never owned a Spyker or an entire car company”
If the proposed deal goes through it would give Saab $32 million Euros and Mr. Muller, CEO for Swedish Automobile, believes that the deal could be closed within a month. Muller would stay on as CEO for Spyker as appointed by Mascioli, but is currently looking for a new CEO for Saab.
Muller had been very optimistic about Saabs future and had made many broad claims about the company rebounding to its former glory. His departure from the company seems to undermine that optimism and point to a not so bright future for Saab which might is only being held at bay by a potential deal from Chinese investors
http://www.reuters.com/article/2011/09/29/us-swedishautomobile-idUSTRE78S3MS20110929
http://gallery.carphotos.org/data/938/thumbs/spyker_logo.gif