Troubled luxury car maker Spyker announced on Tuesday that it is in exclusive talks with the Lithuanian bank, Snoras Group, on refinancing the company.

Spyker’s shares rose 8% to €4.05 on the news which was published just before the stock market opened.
Spyker says it expects to reach a deal with Snoras in 10 days and has suspended discussions with other potential investors including Lichtenstein-based firm ACI with which it a letter of intent was signed earlier this month.
Snoras, which is part of the Russian Convers Group, could become Spyker’s largest shareholder with a 29.9% stake says ANP news service. At present the Mol family is the biggest shareholder with an interest of around 28%, says ANP.