Saab’s bankruptcy has hit parent company Swedish Automobile (Swan) hard. Expenses related to the bankruptcy have left Swan with liquidity problems, and its now faced with the prospects of selling its supercar brand, Spyker, or shuttering the operation entirely.
As Left Lane News tells us, the deal to sell Spyker to Connecticut-based North Street Capital has fallen apart, leaving Swan scrambling to find a new buyer. Swan CEO Victor Muller says that a new deal to sell Spyker is “in progress,” but the departure of three members of Swan’s supervisory board seems to indicate otherwise.
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All three stepped down due to “differences of opinion” with Muller on funding alternatives for Swan, as well as the future of both Swan and Spyker. The group’s departure leaves only Muller on the supervisory board, and Swan’s CEO insists that all options for Spyker, including obtaining new funding, remain open.
Given the difficulty of finding reliable funding for mainstream brand Saab, it seems highly unlikely that anyone would sink money into a relatively obscure boutique brand like Spyker. Unless the supercar builder is sold and sold quickly, it’s fate will likely be the same as Saab’s.
Kurt Ernst has been passionate about automobiles and driving nearly his entire life. His early years were shaped working in the family service station, though his real passion was auto racing. After graduating from the University of Colorado, Kurt spent a year club racing with the Sports Car Club of America, before focusing on a business career in marketing and project management. Later, his passion for writing and the automotive hobby found him freelancing for a variety of automotive news sites, including Automotive Addicts and Motor Authority, where his work was syndicated and appeared in several national publications. Recognized as an expert in the automotive field, Kurt joined Hemmings Motor News as an Associate Editor in 2013, and in the years since has progressed to Editor, Hemmings Daily; Managing Editor for Hemmings Motor News, Hemmings Classic Car, Hemmings Muscle Machines, and the Hemmings Daily; and now, Managing Editor, Hemmings Auctions. Kurt was instrumental in organizing the Hemmings Motor News Concours d’Elegance from 2013-2019, and has served as a judge at this event and The Vintage Racing Stable Concours d’Elegance. A Skip Barber Racing School graduate and prolific writer, Ernst is also skilled in copyediting, project management, brand development, and public relations.
