North American investor sells 22% stake in Koenigsegg, Saab deal will continue

North American investor Mark Bishop sold 22 percent of his stake in Koenigsegg, the luxury supercar automaker that plans to take the Saab brand off of GM’s hands. According to Swedish business daily Dagens Industri, Bishop had the second-largest stake in the company.

“A new owner has taken over his shares and the negotiations between General Motors and Koenigsegg Group continue according to plan,” a source said. “Saab’s management is very positive that, together with the Koenigsegg Group, they will be able to present adequate collateral to get this loan.”

Saab, GM and Koenigsegg will meet later this week with the government about a state guarantee for a $4.3 billion Swedish crown ($593 million) loan from the European Investment Bank. Currently, Saab is under creditor protection.

– By: Stephen Calogera

Source: Reuters