EIB Grants Spyker $547 Million Loan to Purchase Saab

Spyker’s purchase of Saab appears to have cleared yet another hurdle. The automaker received word yesterday that the European Investment Bank approved a request for a $547-million loan.

“We are extremely pleased with the decision by the EIB,” said Victor Muller, CEO of Spyker Cars N.V, “as this was a crucial component in enabling the acquisition of Saab to proceed.” The loan approval comes after Sweden agreed to back the transaction, which then forced the European Union’s regulatory committees to approve the deal, as it technically qualified as state aid. Although Spyker will purchase Saab from General Motors for roughly $74 million in cash and $326 million worth of preferred stock, the loan allows the new merged company some room to work on forthcoming models. Spyker says an all-new 9-3 is due to launch in 2012, and should the brand achieve profitability, a small 9-1 could also be in the works. One new note on that new company: Although previous press releases referred to the firm as “Saab-Spyker,” Mullter noted the name change will be delayed until Spyker receives approval from Saab AB -- the aircraft manufacturer -- to use the name in a corporate identity. Source: Spyker

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