Yes, there they are again, our economic news. Quite frankly, I did not miss that. Saab, rather Swedish Automobile, secures further means to successfully continue with the reconstruction. On the one hand, new shares will be issued, amounting to 10 million US $, which will be fully paid by Friday by North Street Capital.
In addition, it secures a loan for another 60 million US $, the latest to 26. October should be paid. Because it could be that the funds provided by Youngman are not complete until the 22. Are in Sweden on the accounts, you take no risk in Sweden and secures twice.
That sounds good, is reasonable and puts the successful reconstruction on a firmer footing. The stock exchange sees the same and lets the stock on 1.10 € grow. North Street Capital is also the likely future owner of Spyker.
Here is the Saab press release:
Trollhattan, Sweden: Swedish Automobile NV (Swan) announces it has received a commitment from North Street Capital, LP on the funding of Swan and Saab Automobile AB (Saab Automobile).
The offer of the following transactions:
- Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011.
- Procurement of a loan to Saab Automobile in the amount of USD 60 million to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. This loan is subject to further documentation. The object of the parties is to finalize documentation no later than Monday October 24, 2011 with subsequent funding within two days thereof.
Xnumx October 22, which has been sent to Xander 2011. Immediate availability of funding is needed to continue the reorganization process of Saab Automobile.
Source: Saab Automobile AB