North Street Capital LP will invest $70 million in troubled Swedish Automobile - a deal with two Chinese partners is still up in the air.
Saab's story continues and here are the latest details.
Saab parent company Swedish Automobile has accepted an investment of $70 million from North Street Capital LP; a private equity firm headed by Alex Mascioli. The money will be split into one $10 million dollar equity purchase and a $60 million loan provided to Swedish Automobile by North Street Capital.
"I expect the deal to go ahead. I'm willing to do what I can with my resources for Saab," says Mascioli.
Swedish Automobile's previous €245 million deal with Chinese partners Zhejiang Youngman Lotus Automobile Co and Pangda Automobile Trade Co. still remains up in the air. The two Chinese partners have made a partial payment based on that deal with Swedish Automobile earlier this year. But the two recently submitted a new proposal to outright buy Saab which was rejected by Swedish Automobile CEO Victor Mueller.
We await further developments in this saga.