Swedish Automobile to become Spyker again

Swedish Automobile, the Dutch car maker, which bought Saab in 2010, is to refocus on its luxury car brand Spyker and change back its name, the company said in a statement on Monday evening.

The bankruptcy of Saab means the company will now focus fully on luxury sports cars – a complete reversal of its position 18 months ago.
The company has also reached agreement with creditors about repaying outstanding loans dating back to the Saab buy. The loans are to be converted into shares at a price of €0.50 per share, boosting the company’s share capital by €75m to €500m.
That move still needs the approval of current shareholders at an EGM on April 17.

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