Well, I'm happy to announce that I was wrong. Thanks to Spyker's last minute deal, Saab Automobiles has been saved.
NEW YORK (CNNMoney.com) -- General Motor's Swedish Saab brand has been saved from certain death thanks to a last-minute deal with Dutch exotic car builder Spyker.
Spyker has agreed to pay $74 million in cash and $326 million in preferred stock in a new Saab that will emerge from this deal. The Swedish government has agreed to guarantee a $563 million (400 million Euro) European Investment Bank loan for Saab.
The deal is expected to close in mid-February, GM said.
As part of the deal, Spyker Cars will change its name to Saab Spyker Cars
"We are very much looking forward to being part of the next chapter in Saab's illustrious history," said Spyker CEO Victor Muller in statement. "Saab is an iconic brand that we are honored to shepherd."
Saab had been on the verge of launching two new models, a redesigned 9-5 mid-size car and the new 9-4X crossover SUV. Those launches will now continue, Smith said, with GM providing parts and support.
The 9-5 is already being produced Sweden, Spyker said. GM is producing the 9-4X, which is closely related to the new Cadillac SRX, in its Mexican factory.
Saab Spyker is expected to take over relationships with Saab's U.S. dealer network, [John Smith, GM vice president] said. Warranty support will continue without interruption, he said.
Another supercar maker, Sweden's Koenigsegg Group AB, had dropped negotiations to buy Saab in November. Since the end of 2009, Saab has officially been in a "wind down" mode even as GM said it was considering bids from outside investors, including Spyker, which has announced several revised offers in an attempt to reach a deal.