Spyker Cars used internal funding rather than external debt to pay General Motors the final us$24m purchase price for Saab, the company said, ending concern over how it would foot the bill.
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The Dutch sportscar maker, which has never made a profit, took over Saab from GM earlier this year and is now working to revive the brand. The final installment of the purchase price was due on 15 July.
Spyker said it made the payment without increasing its external debt or issuing new shares, adding the internal funding became available after the acquisition of Saab Great Britain by Spyker on 31 May.
A spokesman told Reuters: “Saab Great Britain is a wholly owned subsidiary of Spyker Cars and has given an inter company loan to Spyker.”
Spyker chief executive Victor Muller said in a statement: “The early payment of the second and last instalment underlines our desire to finalise the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group.”
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By GlobalDataSpyker spent US$400m to purchase Saab, $74m of which was paid in cash, including $25m borrowed from a Muller investment vehicle and $25m from an issue of shares, largely to GEM Global Yield Fund.
