AutoGuide News Blog
The AutoGuide News Blog is your source for breaking stories from the auto industry. Delivering news immediately, the AutoGuide Blog is constantly updated with the latest information, photos and video from manufacturers, auto shows, the aftermarket and professional racing.
The car-buying process is a frustrating chore; it’s stressful, takes hours of precious time and once you finally seal the deal you’re never certain if you got screwed like a box of Phillips-head fasteners. But before you sign your life away, is it better to finance a vehicular purchase or pay cash? Not surprisingly the answer is a clear as a jar of peanut butter.
U.S. private equity firm North Street Capital will give Saab a $70 million investment, including an equity stake worth $10 million and a $60 million loan to the ailing car maker.
With Chinese-backed financing looking increasingly unlikely, the investment from North Street Capital, a firm run by auto enthusiast Alex Mascioli, will give Saab the resources it needs to (literally) keep the lights on at their facilities. The Chinese government has yet to approve the bridge loan being offered by both Zhejiang Youngman Lotus Automobile Co and Pang Da, and Saab’s owners fear that full payment will not be received on the October 22nd due date.
[Source: Automotive News]