Spyker Press Release
SAAB AUTOMOBILE CONTINUES TO WORK ON SECURING ITS SHORT AND MEDIUM TERM FUNDING
Zeewolde, The Netherlands, 12 April 2011 – Spyker Cars N.V. (Spyker) announces that Saab Automobile AB (Saab Automobile) continues to work on its short and medium term funding.
Spyker and Saab Automobile are currently in discussion with several parties to secure additional short and medium term funding for Saab Automobile. The Swedish National Debt Office (NDO) has been requested to release its pledge in the shares of Saab Automobile Property AB in order to enable Saab Automobile to use this property to secure further funding. This is one of the funding scenario’s Saab Automobile is currently working on. The outcome of the discussions is still not certain and subject to the release of the NDO. Spyker expects to be able to come with more details before Thursday 14 April 2011.
The additional liquidity that Spyker and Saab Automobile expect to secure is required to start up production, realise Saab Automobile’s business plan during 2011 which includes launches of the new 9-4X cross-over and the all new 9-5 SportCombi in the coming months.
Saab Automobile has temporarily halted its production. With additional funding in place to resolve outstanding payment issues with its suppliers Saab Automobile expects it will be able to resume normal production within a week from the receipt of funds.