NEW AUTOMOBILE, Saab Owner Seeks To Divest Supercar Business

Swedish Automobile NV, the owner of struggling Saab Automobile AB, announced today it is selling the portion of its operations that builds Spyker-brand high-performance cars to U.S. private equity firm North Street Capital LLP. Bloomberg news service reported, however, that the $44 million sale is based on undisclosed conditions and that there is no guarantee the sale will take place.
Earlier this year, it was believed Swedish Automobile would sell the Spyker supercar business to a company owned by Russian businessman Vladimir Antonov, who for some time also sought to invest in Saab, which earlier this month won approval in Sweden for a reorganization plan protecting it from creditors as it seeks to solve its ongoing liquidity crisis. Saab has not produced any vehicles at its assembly plant in Trollhattan, Sweden, since June. Bloomberg reported, meanwhile, that if the Spyker business is sold to North Street Capital, Swedish Automobile CEO Victor Muller would remain as CEO of Spyker.

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