GM is still interested in talking with Spyker about concluding a deal for Saab, but can Spyker raise enough money in time? Details inside.
General Motors is backing off a self-imposed December 31st deadline for offers for Saab. Bids for the Swedish brand will now be accepted up to January 7, and it is unclear how many offers GM is fielding.
Dutch niche supercar manufacturer Spyker recently entered an updated bid for the brand after their initial talks with GM failed to produce an agreement. Spyker now needs to demonstrate to GM they have the financing to back up their latest offer, something that may be the final hurdle to a deal.
Spyker received a tepid response for funding from the European Investment Bank, and need to search quickly for new backing. Still, CEO Victor Muller has expressed optimism about their ongoing negotiation. Russian bank Convers Group is a principal backer of Spyker.
Meanwhile, Saab will tentatively resume production for the new 9-5 in January. According to Saab spokesman Eric Geers, "We have the orders and we have to deliver them as usual. We also have the orders for the 9-3 and others. The factory has to continue again."
Saab employs 3,400 people in Sweden. The brand has lost money each of the last eight years.