After earlier today news came that the European Commission approved the Swedish state loan guarantees for Saab, the company which bought GM’s last standing bad asset announced it has managed to secure an additional 25 million loan from an investment company owned by Heerema Holding Company.
The loan has a 2 year term, an interest of Euribor + 10 percent and is convertible into shares at 4 euro/each, conditional on Saab receiving the EIB loan. The money is needed, Spyker says, to make a final … (read more)