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The Hague (AFP) May 3, 2011 Saab and its owner Dutch carmaker Spyker have signed a strategic partnership agreement in China under which the embattled Swedish car maker will obtain 150 million 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 cash injection of 30 million euros ($44.6 million dollars) to restart production within a week. "Spyker and Saab signed an agreement with Hawtai Motor Group Limited. This agreement conditionally secures medium-term funding," Spyker said in a press release. "It includes financing in the form of subscription agreements to the amount of 150 million euros as well as a strategic alliance for China including joint ventures in manufacturing, technology and distribution," it said. Hawtai will invest 120 million euro for a maximum equity stake of 29.9 percent in Spyker on a fully diluted basis. "The remaining 30 million euro will be in the form of a convertible loan agreement with a six-month maturity, an interest rate of seven percent per annum and a conversion price of 4.88 euros per share. Spyker bought Saab from General Motors in January 2010, but has been struggling to find funding to keep the embattled Swedish car manufacturer running. Saab was forced to halt production at the beginning of April due to a dispute over unpaid bills.
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Court rules for Calif. on emission levelsWashington (UPI) May 2, 2011 A U.S. federal appeals court has upheld California's right to set emission and air pollution standards for automobiles that exceed federal standards. Under the 1970 Clean Air Act, California can request waivers of federal standards to enact its own stricter laws, a right given to the state because it had its own pollution laws in effect before they federal government passed its laws, th ... read more |
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