Press release 2011.09.29
Swedish Automobile reached conditional agreement on main terms sale Spyker bussinesZEEWOLDE, THE NETHERLANDS | September 29, 2011
Swedish Automobile N.V. (Swan), announces it has reached conditional agreement with North Street Capital, LP (NorthStreet) about the main terms of the sale of the Spyker sportscar business.
The indicative terms of the transaction envisage net proceeds to Swan of approximately EUR 32million if and when the sale would become wholly unconditional.
Since the Spyker assets arepledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan's debt to Tenaci.
North Street has a long term view on the development of the Spyker brand as an ultra high-end super sportscar manufacturer and has the resources to see such development through. Victor R. Muller will remain on as CEO and the continuity of Spyker's relationships with all its stakeholders and clients is warranted.
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