Go­ing it alone

Townsville Bulletin - - Cars Guide -

STARVED of cash and close to col­lapse, Dutch spe­cial­ist sports car­maker Spyker has fallen on its sword and given Saab its free­dom. The drama of Spyker which bought Saab early last year un­folded in Geneva when Saab chair­man Vic­tor Muller ex­posed both car mak­ers. `` One year ago Saab was in liq­ui­da­tion, had no cars in pro­duc­tion, a sup­ply chain in tat­ters and all its new mod­els on hold,’’ says Muller. `` Now we have a mile­stone for the com­pany. We have cel­e­brated our 12 months of in­de­pen­dence.’’ In fact, it’s a dou­ble in­de­pen­dence. One year ago Gen­eral Mo­tors sold Saab to Spyker for $ 400 mil­lion. Un­fold­ing over the past few weeks, new owner Spyker found it­self un­able to swim in a sea of debt and has cut it­self adrift. At the same time, it reval­ued Saab at $ 200 mil­lion half of what it paid. `` Spyker needs cash,’’ Muller says. `` It needs euro 25 mil­lion [ about $ 36 mil­lion] to keep go­ing. “ The only so­lu­tion was to split Spyker and Saab.’’ Saab and its par­ent Spyker will now go on dif­fer­ent roads with a change of the board of direc­tors. Saab is quickly out of the blocks run­ning solo. To cel­e­brate its sin­gle sta­tus, Muller says it will in­tro­duce a lim­ited edi­tion of 300 cars. Con­cur­rently, Saab next month

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.