The journey continues, though on a different tack. Reports say that Swedish Automobile, the company that owns cash-strapped Saab and Spyker Cars, has announced its intent to sell off Spyker to an American private equity firm called North Street Capital for a sum of US$44 million.
Swedish Automobile had early this year said it was going to let go of Spyker, but the name mentioned then was CPP Global Holdings, owned by Russian businessman Vladimir Antonov. A MOU was signed between the two companies in February, but the deal, which was expected to go through, did not; an announcement was made in August saying it had been put on hold.
The deal represents Swedish Automobile’s latest effort to raise capital to turn around Saab, though reports add that the latter may not see the money; proceeds from the sale are to be used to pay off a loan to Antonov. Though the company is being sold, Victor Muller, who is Swedish Automobile CEO, will remain as CEO of Spyker as well. As for the troubled Saab, the journey to being saved continues, but it at least looks like all the time and effort doing so can now be focused on it.
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