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Filed under: Performance, Europe, Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Spyker, Luxury



Swedish Automobile NV ('Swan') continues to look to sell Dutch supercar manufacturer Spyker in the wake of the Saab bankruptcy. Swan said it will carry on with the sale despite the fact that the company's supervisory board has just abandoned the crippled enterprise. According to The Washington Post, Swan announced it had begun negotiations to sell Spyker last September to a private equity firm for $41 million. Now the company says proceeds from that sale won't be enough to ensure that Swan can meet its liabilities. If the company can't complete the sale or find extra funding, Swan may go belly up and take Spyker with it.

All three members of the Swan supervisory board resigned due to a "difference of opinion" with the company's CEO, Victor Muller over funding alternatives. Shares in the automaker have since plummeted by around 12 percent. The company's articles of association allow for the holder of a single priority share in the company to name new board members. In this case, that holder is believed to be controversial Russian tycoon Vladimir Antonov.

Click past the break for two press releases on the recent changes at Swan.Continue reading Spyker considers closure as Saab parent Swedish Auto loses board members

Spyker considers closure as Saab parent Swedish Auto loses board members originally appeared on Autoblog on Wed, 18 Jan 2012 13:59:00 EST. Please see our terms for use of feeds.



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