By George Straton
12.20.2009
Spyker Cars: “Nulla tenaci invia est via”
Saab: Going, Going …. Still here?
That first motto is Latin for “For the tenacious, no road is impassable,” and is used by Spyker Cars. The second is just a suggestion for what Saab’s motto might be.
Perhaps both are fitting, as some 48 hours after GM European President Nick Reilly announced failure of the General and Spyker Cars N.V. to reach a mutually satisfactory agreement for sale of its Saab Division, there comes a last ditch offer from Spyker on a Sunday. Spyker’s CEO, Victor Muller, announced that points of impasse which developed during the due diligence phase of the previous contract negotiations have been addresed in his mind. Notably, the condition for approval of a $500 million short term loan from the European Union’s Equity Investment Bank prior to December 31, 2009 has been lifted. GM has until Monday’s end of business to accept. Continue Reading →