Spyker Cars announced today that it has paid its second and final payment for the purchase of Saab to General Motors. The $24 million payment was due on July 15, 2010 but Spyker decided to pay almost two weeks early.
“The early payment of the second and last installment underlines our desire to finalize the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group and the realization of Saab’s business plan,” Victor Muller, CEO of Spyker Cars NV said in a statement.
The second payment was funded from internal group sources and without any increase in external debt and no share issue causing dilution of existing shareholders. The internal funding became available following the closing of the acquisition of Saab Great Britain Limited by Spyker on May, 31 2010.
– By: Stephen Calogera