jeudi 20 octobre 2011

North Street Capital, LP (NEWS)

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has received a commitment from North Street Capital, LP (North Street) on the funding of Swan and Saab Automobile AB (Saab Automobile).
The offer consists of the following transactions:
·                                 Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011.
·                                 Procurement of a loan to Saab Automobile in the amount of USD 60 million to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. This loan is subject to further documentation. The object of the parties is to finalize documentation no later than Monday October 24, 2011 with subsequent funding within two days thereof. 
Swan intends to accept this offer because it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011. Immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.
Saab accepte une entrée au capital de North street (a noter que cette fois Saab Grande-Bretagne est également impliqué !) Ceci va par ailleurs procurer un prêt de 60 millions de dollars US à Saab pour continuer sa réorganisation car certains doutes subsistent sur la capacité de Youngman  et Pang da d’honorer leurs engagements. 

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