Spyker CFO stepping down as Saab raises more cash
As Saab Automobile struggles to get back on its feet, Spyker Cars NV announced Wednesday that its chief financial officer plans to resign.
Hans Go will step down as statutory director of Spyker effective July 1, Spyker said in a statement today.
Saab production restarted last Friday after it received financial assistance from its new China partner, Pang Da. Production was suspended about eight weeks ago when Saab was unable to pay suppliers.
Spyker said with the planned sale of the sports car business to Vladimir Antonov, the remaining activities of the Spyker group will comprise only Saab activities. As a result, the role of Spyker's CFO will be assumed by the new Saab Automobile CFO, whose appointment will be announced later this year.
Rob Schuyt, who is temporarily acting as Saab Automobile's CFO, and was recently appointed a statutory director of Spyker, will also temporarily assume the role of CFO of the Spyker group.
Go will remain an advisor until the end of the year.
Earlier Wednesday, Saab announced it had received another cash boost from its new China partner Pang Da with an additional order for 630 cars, worth 15 million euros.
The order comes on top of an order for 1,300 cars worth 30 million euros received by Saab from Pang Da in May.
The Chinese company will pay in advance for the order and delivery of the vehicles will start in the third quarter, Saab said.
The order follows a visit to Saab's factory in Trollhattan last week by senior Pang Da representatives, headed by company chairman Pang Qinghua. They watched the restart of Saab production after an almost two-month break when the automaker was pushed to the brink of collapse after it ran out of cash to pay suppliers.
In a statement, Saab CEO Victor Muller said: "I am delighted that Pang Da, as previously planned, has ordered an additional 630 Saab vehicles. This not only shows the potential for the Saab brand in the Chinese market, but also that in Pang Da, we have found the right partner."
Muller, who is also CEO of Saab owner Spyker Cars, added that "I look forward to the next step in our business relationship when we set up joint ventures for distribution and, at a later stage, production in China together with a still-to-be-named manufacturing partner."
Pang Da has already provided Spyker with an advance payment in exchange for Saab cars to be sold in China.
Pang Da, which raised nearly $1 billion in its initial public offering in April, wants to take a 24 percent equity stake in Spyker for 65 million euros, for 4.19 euros per share as part of a 110 million euro deal.
The Chinese car distributor is waiting for regulatory approval at home. Sweden has guaranteed a European Investment Bank loan to Saab and also has to agree to any shareholder changes, as does the EIB and former owner General Motors.
"Our visit to Trollhättan last week has further strengthened our belief that we made the right decision in entering a partnership with Spyker and Saab Automobile. This additional order is the result of my firm conviction that Saab has the right product program for the Chinese market and our large distribution network will be an important asset in unlocking the potential of the brand," Pang Qinghua said in a statement.
Reuters contributed to this report.
PRESS RELEASE FROM SPYKER
With the planned sale of the Spyker sports car business to Vladimir Antonov, the remaining activities of the Spyker group will comprise only the Saab activities. As a result, the role of Spyker's CFO will be assumed by the new Saab Automobile CFO, whose appointment will be announced later this year. Since Rob Schuyt is temporarily acting as Saab Automobile's CFO, and was recently appointed a statutory director of Spyker, he will also temporarily assume the role of CFO of the Spyker group. Mr. Go will remain involved as advisor until the end of the year to support the management with various transitional projects within Spyker and Saab Automobile.
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