It’s been consolidation time for Spyker Cars NV, the Dutch owner of Saab Automobile which has reportedly agreed to sell its sports-car unit to Russian businessman Vladimir Antonov to help reduce debt. According to media reports, Antonov, a former Spyker chairman and shareholder, will pay 15 million euros ($21 million) for the maker of the C8 Aileron and other supercar models that retail for more than $200,000. It was also mentioned that in addition, Antonov would pay as much as 17 million euros over six years depending on the unit's future profits.
The report mentioned that the Dutch manufacturer, which sold 36 cars in 2009, the last available data, has been losing money since it sold shares for the first time in 2004. Antonov held 29.9 percent of Spyker before General Motors Co. demanded that he get rid of his stake before agreeing to sell Saab to Spyker. Tenaci Capital BV, a company controlled by Spyker Chief Executive Officer Victor Muller, eventually bought Antonov's stake. The report quoted Spyker Chairman Hans Hugenholtz as saying "This transaction will allow Spyker Cars N.V. to focus on the Saab Automobile business exclusively, will eliminate the requirement for us to make further capital investment in the Spyker business and will reduce our debt."
The Dutch manufacturer owed about 74 million euros to Tenaci as of Sept. 30, part of which were funds that helped finance the acquisition of Saab in February 2010. To further reduce debt and interest, Spyker within six months plans to convert 17 million euros of its debt owed to Tenaci into shares, it said. It was also reported that Muller will remain Spyker CEO until a successor is appointed and the company will change its name "shortly" to better reflect its greater focus on Saab.
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