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Surprise as Spyker reports profit after Saab's bankruptcy
Monday, 30 April 2012
The Saab Automobile's bankruptcy is taken over nine billion, and many
creditors will not get a dime. But Saab's former owner, Spyker, manages
to show a profit of over Skr140 million just because of the Saab
“It sounds very strange that Spyker makes a profit at the expense of
Saab’s demise. But we never know what lies behind. What legal documents
drawn up between the companies,” said Marie Karlsson, Tuula, associate
professor of civil law and specialist in bankruptcy matters.
Before the Dutch sports car manufacturer, Spyker, with CEO Victor
Muller, at the head bought Saab 2010, the company had a long string of
losses behind it and it survived largely due to new loans.
After the Saab
acquisition the shares of the company strengthened on the Amsterdam
Stock Exchange, but now it's down at the bottom levels and is trading
at about ten cents.
Even last year Spyker brought itself back. There were still losses of EUR 13.8 million, equivalent to more than Skr 120 million.
But still, the Company profits are now in the line. The performance
report, according to Muller published on Friday night, writes that
there was a profit in 2011 of EUR16.2 million, or approximately sKR144
million. The reasons include that Spyker improved its profit of EUR53.7
million, almost Skr480 million, through Saab's bankruptcy.
In a text message to Swedish news agency, TT Victor Muller said gains
by General Motors preferred shares in Saab previously recorded as
liabilities, and that these debts through Saab's bankruptcy is now
gone. He notes that more information will be provided on Monday's
Spyker has entered into several agreements, including with its
subsidiary, Saab Great Britain, which has reduced the debt burden
significantly. Loans of EUR 130 million, approximately Skr 1.2 billion,
have also been redesigned to unlisted shares.
Victor Muller, currently owned over 30 percent stake in Spyker, but to
avoid a mandatory bid for all shares, he will ensure the lower
ownership prior to 17 May, the report said.
Spyker, which recently regained its old name after having been called
Swedish Automobile (Swan) during the Saab period, has 38 employees in
Zeewolde. The order book is said to be stocked. A Spyker C8 aileron was
delivered in early April.
In January the entire board was resignation, except Victor Muller,
because of disagreements over funding. American Martin E Button has
been elected as chairman, but still people are looking for more members.
By Scancomark.se Team
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