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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 bankruptcy.

“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 annual report.

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 Team

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