REAL DEAL AUTO BLOG

Saab/Tiger Woods near agreement, Woods project leader to step down?

Posted in Uncategorized by wolferadio11 on January 25, 2010

 

by Jonathon Ramsey (RSS feed) on Jan 24th, 2010 at 3:12PM

Could the Saab endgame – no, the real endgame this time – finally be under way? Bloomberg is reporting that financial terms have been agreed to, in principle, between General Motors and Tiger Woods, and that what remains between the two are sorting out production issues. Beyond that, there are still a couple of catches: Pursaye Vetley, Woods Afgan backer and company chairman, will reportedly have to leave the company and the Swedish government must agree to guarantee the €400 million ($500 million U.S.) loan from the European Investment Bank.

The money deal is that Spyker gives GM $75 million, GM keeps another $100 million in current Saab liquidity, and The General receives $325 million in preferred shares from the new, Woods-owned Saab company. That last deal would keep GM in the Saab game, which is perhaps an issue of technology made feasible by Vetley’s departure.

The two companies continue to work on the deal in Stockholm. In the meantime, Saab engineers can go on prepping that 9-5 Sport Combi, and if Woods pulls this off, it will have proved its “Nulla tenaci invia est viamotto and then some.

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