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Saab Finds Another Cash Source - in the U.S.
- Saab said it expects to receive an immediate cash infusion of $70 million from an unexpected source — North Street Capital.
- North Street is the Connecticut-based private-equity firm which in late September announced a deal to acquire Spyker Cars from Saab’s corporate parent.
- The automaker said that “immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.”
TROLLHATTAN, Sweden — In yet another eleventh-hour twist, Saab Automobile on Thursday said it expects to receive an immediate cash infusion of $70 million from an unexpected source — North Street Capital, the Connecticut-based private-equity firm which in late September announced a deal to acquire Spyker Cars from Saab’s corporate parent, Swedish Automobile.
Saab said it turned to North Street because it “has doubts” that it would receive the emergency funds promised by would-be Chinese rescuers Pang Da and Youngman in time to complete the Swedish firm’s court-supervised bankruptcy reorganization.
In a brief announcement posted on its Web site, Saab said North Street would pay $10 million for 2,386,635 shares in Swedish Automobile (also known as SWAN) “for the purpose of funding the working capital” of SWAN and Saab. The money will be paid on Friday, according to Saab.
North Street also agreed to loan Saab another $60 million, with the automaker putting up unspecified assets as collateral. Saab said both parties hope to close the loan agreement swiftly, with the money to be paid by next Wednesday.
Saab, in a statement, said its corporate parent “intends to accept this offer because it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011.”
The statement underscored the urgency of receiving a cash infusion, noting that “immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.”
Inside Line says: The Saab story line continues to take one implausible twist after another.
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Saab Finds Another Cash Source – in the U.S.
