Saab's owner in new deal to sell sports car unit

AP News
Posted: Sep 29, 2011 9:03 AM
Saab's owner in new deal to sell sports car unit

The owner of troubled car maker Saab, on Thursday said it will make a euro32 million ($44 million) gain if a planned sale of its Spyker sports car business to U.S.-based private equity firm North Street Capital goes through.

Swedish Automobile warned however that there was no assurance that a deal will be completed and that the conditions may change.

The Dutch-based group, which changed its name from Spyker in June to instead focus fully on the Saab brand, had previously reached an agreement to sell the sports car unit to Russian businessman Vladimir Antonov's car building group CPP Global Holdings.

The deal was later suspended without giving more reasons at the time than that Swedish Automobile wanted to concentrate on stabilizing Saab.

CPP said it was still interested in buying Spyker.

Saab entered into bankruptcy protection earlier this month.

Swedish Automobile said the proceeds of the sale will be used to pay off debts to a group called Tenaci Capital.