Spyker Raises an Extra $25 Million for Saab

After earlier today news came that the European Commission approved the Swedish state loan guarantees for Saab, the company which bought GM's last standing bad asset announced it has managed to secure an additional 25 million loan from an investment company owned by Heerema Holding Company.

The loan has a 2 year term, an interest of Euribor + 10 percent and is convertible into shares at 4 euro/each, conditional on Saab receiving the EIB loan. The money is needed, Spyker says, to make a final payment of $24 million to GM.

"We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board," Victor Muller, Spyker's CEO said.

"Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value," Pieter Heerema added.

"This value represents much more than money alone. We are confident that when the company's management gets the opportunity to implement the business plan we will see a good financial return on our investment as well".