F&I Management & Training

Spyker has entered into a £16 million two year convertible loan agreement with an investment company owned by Heerema Holding Company to help finance its takeover of Saab.

The investment will allow the takeover to progress, but Spyker will still need to find a further £15.5 million to pay General Motors a second installment by July 15.

Spyker said it was confident it would find the funding for the second instalment.

The Swedish government’s guarantee of a €400 million European Investment Bank loan to Saab Automobile has also won European Commission approval, clearing another regulatory hurdle for Spyker's Saab purchase.