Email List Sign Up

Spyker said to be GM’s only candidate for Saab purchase


Spyker said to be GM’s only candidate for Saab purchase

Automotive News | January 5, 2010 – 11:07 pm EST


DETROIT — Spyker Cars NV is the only buyer under consideration for the Saab brand and is seeking to line up funding that will satisfy General Motors Co., a person with direct knowledge of the situation said.

Financing has been a main obstacle to a deal, said the person, who declined to be identified because the information isn’t public. The proposal from Spyker, a Dutch sports car maker, had included a Russian partner that GM rejected, and Spyker was seeking to arrange financing that didn’t include that partner, the person said. The person declined to be more specific about the Russian entity.

Spyker has been bidding for Saab after GM said last month it would wind down its money-losing Swedish brand after two decades of control.

Saab said last week that GM had extended a deadline to accept additional bids and that several potential buyers had come forward. A Saab spokesman last week would only name Spyker as a candidate, although media reports have also pointed to Merbanco Inc., a Wyoming-based group.

Spyker has until late Thursday to submit its revised bid, the source said today, and GM will probably issue a statement on Friday saying whether bids are still under consideration.

The Saab board meets that day to take the first steps toward liquidation, but a sale could still happen after those initial steps, the person said.

Spyker’s persistence has boosted its credibility with GM, the person said.

GM spokesman Tom Wilkinson declined to comment on any negotiations. A spokesman for Spyker couldn’t immediately be reached for comment.

GM put Saab up for sale a year ago in an effort to unload assets and avoid a Chapter 11 bankruptcy filing. Swedish supercar maker Koenigsegg Group AB had agreed to buy Saab but canceled the deal in November, four months after GM emerged from bankruptcy.

Reuters contributed to this report.

Seniority Lists
Recent Posts!
Bargaining Committee

Mike Herron
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

Tim Stannard
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts

GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Katherine McGaw
Retiree Chair
Mike Martinez

Get Text Alerts


*Standard text messaging rates may apply from your carrier