Saab obtains 150 mln euro funding in China: Spyker (AFP)
THE HAGUE (AFP) – Saab and its someone land carmaker Spyker have subscribed a strategic partnership commendation in China under which the crenellate Nordic automobile concern module obtain 150 meg euros in funding, Spyker said on Tuesday.
The partnership with the Hawtai Motor Group followed an announcement on Monday in which Saab secured a short-term change shot of 30 meg euros ($44.6 meg dollars) to uphold creation within a week.
"Spyker and Saab subscribed an commendation with Hawtai Motor Group Limited. This commendation conditionally secures medium-term funding," Spyker said in a advise release.
"It includes finance in the modify of subscription agreements to the turn of 150 meg euros as substantially as a strategic alinement for China including joint ventures in manufacturing, profession and distribution," it said.
Hawtai module equip 120 meg euro for a peak equity stake of 29.9 proportionality in Spyker on a full diluted basis.
"The remaining 30 meg euro module be in the modify of a redeemable give commendation with a six-month maturity, an interest evaluate of heptad proportionality per annum and a conversion price of 4.88 euros per share.
Spyker bought Saab from General Motors in Jan 2010, but has been struggling to find resource to keep the crenellate Nordic automobile manufacturer running.
Saab was unnatural to halt creation at the beginning of Apr due to a disagreement over unpaid bills.
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