Tag Archives: counsel

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

Posted on 08. Feb, 2010 by .

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This just in today from Spyker Cars.

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

ZEEWOLDE, The Netherlands (8 February, 2010) – Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each. This loan secures the funding necessary to close the Saab transaction as the first USD 25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on SAAB receiving the EIB loan. On July 15 of this year a final payment of USD 24 million is due to GM. Spyker is confident that it will secure the funding for this second installment.

The European Commission approved the Swedish state guarantee for Saab. With respect to the approval of the Swedish state guarantee, competition commissioner Neelie Kroes said: “The state guarantee will contribute to the implementation of Saab’s business plan without giving rise to any undue distortions of competition”.

Victor Muller, Spyker’s CEO said: “We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

“The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.”

Pieter Heerema added: “Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value. This value represents much more than money alone. We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well”.

-Ends-

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The Official Language Of The Parallel Agendas For Saab

Posted on 12. Jan, 2010 by .

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Saab Automobile Investering AB as we know appointed a liquidator for their wind down this past Friday, however their sales process continues in parallel.

These two parallel tracks continue to concern people, but as we’ve heard before, it’s been officially indicated in the documents filed this past Friday.

Here’s an excerpt from the official language from the 21-page document that Saab History has received.

The shareholder is also of the opinion, having consulted with General Motor’s qualified Swedish counsel, that the initiation of a formal liquidation of the Company will not constitute a legal obstacle to a potential sale of the shares in the Company, in the event that a serious proposal of a credible bidder is accepted by General Motors in early 2010, because the liquidation is likely to take many months to complete and it may be revoked by the shareholder if an opportunity materializes in early 2010.

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White House’s Administration Favoring Saab Automobiles?

Posted on 31. Mar, 2009 by .

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Photo Credit: Arild

The Washington, D.C. Politico Magazine has recently indicated that the current administration at the White House favors Saab Automobiles as noted in their sightings of Saabs, from the climate czar Carol Browner that used to own a Saab 9-5 SE, to the White House Staffer parking lot sprinked with Saabs, amongst other vehicles.

As you know, the Washington, D.C. area as I reported in my Saab Sightings, has a lot of Saabs per capita, so this no real surprise, although it’s nice to see!

With President Barack Obama showing the ailing U.S. auto industry some tough love Monday, POLITICO wondered — what’s …

… in the driveways of White House aides? A lot of foreign cars, as it turns out.

A survey of West Executive Drive, where White House staffers park, revealed only five American cars out of 23 –a Dodge Grand Caravan, two Ford Escapes, a Jeep Cherokee and a Cadillac.

The lot was sprinkled with BMWs, Mercedes, Hondas, Toyotas, Saabs, Audis, Volkswagens and a Volvo.

Obama himself owns a Ford Escape Hybrid (apparently sitting in Chicago), according to his press secretary Robert Gibbs, who said he drives a gray Ford Escape.

As for Obama’s presidential task force on the auto industry, The Detroit News reported what many of them drive when the task force formed. The News said:

Timothy Geithner owns a 2008 Acura TSX and once owned a 1999 Honda Accord, as well as a 2002 Acura MDX.

Larry Summers owns a 1995 Mazda Protégé and previously owned a 1996 Ford Taurus GL.

Peter Orszag owns a 2008 Honda Odyssey and a 2004 Volvo S60, and he previously owned a 1997 Jeep Grand Cherokee and 1982 Datsun.

“Climate czar” Carol Browner has recently said she doesn’t own an automobile, although she used to own a 1999 Saab 9-5 SE.

Energy’s Steven Chu’s wife told the Free Press that he doesn’t own a car.

The vice president’s economist Jared Bernstein owns a 2005 Honda Odyssey.

Obama’s economic adviser Austan Goolsbee owns a 2004 Toyota Highlander.

Midwest recovery chief Ed Montgomery owns a 1991 Harley-Davidson and previously owned a 1990 Ford Taurus L station wagon.

Gene Sperling, counsel to the Treasury secretary, owns a 2003 Lincoln LS, and previously owned a 1993 Saturn SL2.

A search by POLITICO on Transportation Secretary Ray LaHood shows he owns a 1997 Buick Regal and a Ford Escape Hybrid. He previously owned a Cadillac Deville.

Records could not be found for Christina Romer and Gary Locke.

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