Article: Discussions about sale of property Saab Automobile ongoing

[nordwulf]

You can view the page at http://saabworld.net/content.php?r=2...mobile-ongoing

[nordwulf]

It's interesting they also need approval from GM for this..

http://www.autonews.com/apps/pbcs.dl...304269896/1198

AMSTERDAM/STOCKHOLM – The go ahead for a deal that would allow Spyker Cars to raise cash for Saab depends on the approval of General Motors Co., Eva Srejber, the European Investment Bank's vice chairman, told a Swedish newspaper.

Srejber said the bank has agreed a deal in principle with Spyker to ease its crash crunch, but is delaying approval until GM, which is Saab's former owner and a current shareholder, approves a sale and lease-back plan to raise cash for Saab.

"It is not enough just to make statements. Saab must have a formally correct approval from GM in order for us to approve the deal," Srejber told Dagens Industri.

[tunnanxwd]

It is being said that they do not need approval from GM and one criticism is that the EIB and Saab were using GM as a whipping boy for this.

However, why shouldn't GM object? In several scenarios laid out on SU, GM would go to the back of the line should Saab fail. Antonov goes to the head of the line?

There were many good comments on these deals that showed considerable insight to how the chips fall.

Indeed, the Spyker news release of this morning did not name GM at all but instead put the ball in the court of the Swedish National Debt Office and EIB.

For the sake of my family, our personal fortune includes 24 shares of GM Common Stock that my wife's grandfather gave her ages ago, about the time GM was bringing forth the Corvair to go toe to toe with Europe and in doing so gave birth to the Corvair Spyder, the first successful production turbo putting this wonderful technology in the garage of the common consumers (that us BTW ), so think kind thoughts of GM as you listen to it spool up.

The last we checked it was worth about $31.25 USD ..

[tunnanxwd]

The sale of Saab sent 74 million USD to Spyker and GM held 326 million USD in preferred stock.

In terms of liquidation GM stands at the head of the line. It almost seems like the other deal is a hybrid.