Saab collapse could take down Spyker, too

Spyker
Spyker's C8 Aileron Spyder

While the storm that had been threatening to break over Trollhättan has finally swept in and ravaged the last remaining bits of once-proud Saab, the brand's parent company--Swedish Automobile, NV (or Swan)--is attempting to stave off being swept away in the flood.

The umbrella company's remaining subsidiary, Spyker, was the subject of what initially sounded like a promising sale agreement with Connecticut-based hedge fund and private-equity firm North Street Capital.

The deal was much-ballyhooed early last fall, cited by many as all but complete, when news of the proceedings went quiet. Swan and North Street were still in talks about Saab (and presumably Spyker) as of early November, but the deal seems to have quietly fallen apart. A call to North Street principal Alex Mascioli regarding the firm's interest or disinterest in Spyker has not been returned.

What's clear as of today is that Swan is still searching for continued operating capital for Spyker and that much of the company's debt is currently held by Tenaci Capital BV, a concern controlled by Swan head (and Spyker founder) Victor Muller and Russian plutocrat Vladimir Antonov. 

Meanwhile, in the wake of Saab's collapse, three of Swan's four board members have departed after a disagreement with Muller. Hans Hugenholtz, Maurizio La Noce and Alex Roepers have resigned, leaving Muller solely in charge for the moment. 

However, the Associated Press reports that because of the structure of Swan, the holder of a single priority share (likely Antonov) has the power to name members of a new board.

As part of the 11th-hour scrambling to save what's left of Swan, the company announced the issuance of 2.5 million shares. However, it's not clear how many will be sold or for how much. In the wake of the turmoil, existing shares of Swan fell to €0.22 (28 cents U.S.).

Will North Street come calling again? Can an emergency issuance save the maker of low-volume, bizarre, impeccably detailed Dutch supercars? 

Muller's had an interesting ride over the past decade, launching Spyker out of nowhere, purchasing the Midland (formerly Jordan) Formula One team only to see it pass from Dutch ownership to become Force India, then going on to attempt to rescue Saab after a decade-plus of inattention from General Motors. 

If Swan can't raise the capital or arrange a sale to keep the supercar brand alive, it has announced that it's prepared to shutter the company. If that happens, it'll be a sad end to one of the more compelling chapters in the past decade of automotive history.