Swedish Automobile, the company that owns Saab, said it will be selling its Spyker supercar business to U.S. private equity firm North Street Capital. The U.S. firm, which will buy Spyker for $44 million USD is led by racing car enthusiast Alex Mascioli.
Swedish has struggled for months now to fight off bankruptcy by seeking investors and selling off assets so it can resume production and start paying its suppliers and employees at its Saab plant in Sweden.
Swedish Automobile said that the money from the sale of Spyker will be used to pay down debt to Tenaci, which is a private investment company owned by Victor Muller, CEO of Swedish Automobile and Saab.
Muller will remain CEO of Spyker after a deal with North Street.
– By: Omar Rana
Source: Automotive News