After driving Saab into bankruptcy it seems that Victor Muller’s Spyker will still come out of it pretty well. Accounting gymnastics will give Spyker (Saab’s former owner) a profit of some 140 million kronor (€16 million).
Svenska Dagbladet reports (free translation):
Saab Automobile’s bankruptcy has a shortfall of over nine billion kronor (€900 million) and many creditors will not get a penny. But Saab’s former owner, Spyker, has managed to show a profit of over 140 million kronor just because of the Saab bankruptcy. “It sounds very strange that Spyker makes a profit because of Saab’s bankruptcy. But we don’t know what lies behind and what legal documents were drawn up between the companies”, said Marie Karlsson Tuula, associate professor of civil law and specialist in bankruptcy matters. ….
Before the Dutch sports car manufacturer Spyker with CEO Victor Muller bought Saab in 2010, the company had a long string of losses behind it and it survived largely due to new loans. After the Saab acquisition spyker’s shares strengthened on the Amsterdam Stock Exchange but are now down to bottom levels and trading at about ten cents. Even last year had a loss of € 13.8 million, equivalent to more than 120 million kronor. …
But Spyker’s annual report published early Saturday morning according to Muller shows a profit in 2011 of €16.2 million, or approximately 144 million kronor. Spyker improved its bottom line by € 53.7 million just through Saab’s bankruptcy. …..
Victor Muller, currently owns just over 30 percent of Spyker, but to avoid making a mandatory bid for all shares, he will have to ensure a lower ownership prior to 17 May, the report said.
Spyker, which recently retook its old name after having been called SwedishAutombile (Swan) during its Saab period, has 38 employees in Zeewolde. The order book is said to be stocked. One Spyker C8 Aileron was delivered in early April.
Related: Victor Muller and the millions he has extracted from Saab while it dies
Tags: Bankruptcy, SAAB, Saab Automobile, Spyker, Swedish Automobile, Victor Muller
The k2p blog 
April 30, 2012 at 6:23 pm
More translated swedish news: “Spyker improved its result by 53,7 milion euros, almost 480 million crowns, due to the SAAB bankrupcy.
In an SMS message to the swedish main news agency TT, Victor Muller explains that General Motors preferencial shares in SAAB were previously book-keeped as debt, and due to the SAAB bankrupcy that debt is now gone.”