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.
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]
U.S. private equity firm North Street Capital, has purchased Spyker, after a deal to sell the Dutch outfit to Russian investors fell through. The Financial Times reported the news after viewing a preliminary draft of the announcement.
It’s unclear how the Spyker sale will impact parent company Swedish Automobile, and its attempts to restructure Saab, the legendary Swedish car company once affiliated with Spyker. The Dutch sports car maker was due to be sold to CPP Global Holdings, owned by Russian investor Vladimir Antonov.
Swedish Automobile wanted to sell Spyker to focus on Saab, and a series of deals with Chinese auto makers were also announced, with little tangible results.
[Source: Financial Times]