Spyker takes back its original name post-Saab
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The decision to change SWAN back to Spyker NV has been announced by the company and depending on the outcome of the shareholders meeting tomorrow night, Spyker NV will official exist again as of April 18th, 2012. There is a chance that the shareholders could reject this move but considering how unsuccessful the company has been under the SWAN name; it would be a shock to see the shareholders vote this move down.
It is hard to say just what is left of the company formerly known as SWAN and soon to be formally known as Spyker NV, as during their attempt to save the Saab brand, the Spyker Cars division was reportedly sold to American equity firm North Street Capital. This means that Spyker may not have the rights to build the previous vehicles since they sold those rights to North Street. On top of that, prior to the Saab-induced collapse over the past year, Spyker wasn’t even building cars – instead sourcing the production of the cars to CPP Global Holdings.
Spyker/SWAN sold basically everything that they could in a desperate effort to acquire cash in the days leading up to the government and creditor imposed bankruptcy proceedings that have forced Saab completely out of the auto industry as things stand right now. If the “new” Spyker brand doesn’t have the rights to build their own vehicles and they don’t own a production facility – we are not sure what is left to carry the Spyker name. Also, with the on-going bankruptcy proceedings stemming from the financial problems that came with the Saab brand – Spyker could stand to have even less when the smoke is cleared and the assets of the company have been auctioned off in an effort to pay angry creditors.
The bottom line is that Swedish Automobiles NV (SWAN) could be gone as of Wednesday morning and in its place will be the return of the Spyker NV name to the automotive world. Should this change go through, it will be interesting to see what the next year holds for the company as they shake off the effects of bankruptcy. Right now, there doesn’t appear to be much of an automaker left to name but perhaps the management at Spyker has something up their sleeve for the coming months – once they have finally buried the mistake that was buying Saab.
There have been a great many rumors that the Saab brand could return under new management and ownership including a variety of Chinese suitors but regardless of the outcome for Saab, it looks as though the Spyker brand will look to get back on its feet without the dead weight of the Saab brand.