“North Street Capital was not real,” according to Victor Muller.

Please note that our site has moved to phoenixsaab.org.

While not 100% SAAB related at this junction, it still pertains to the twists and turns within SAAB.

The U.S. private equity fund that would buy the Spyker sports car business from Saab Automobile’s former holding company Swan is now out of the picture. “North Street Capital was not real,” writes former Saab chief Victor Muller in a text message.

With the SAAB bankruptcy, Victor Muller is essentially left with an empty holding company – Swedish Automobile, or SWAN. But Spyker sports car is still under Swans roof.

In late September, Victor Muller introduced a plan to sell Spyker to U.S. private equity firm North Street Capital for 32 million euro, which is more than 282 million krona.

“Our business is safe,” said Alex Mascioli, a racing driver behind “North Street Capital”, when referring to NSC mid-October.

In November, at the height of Saab Crisis, Victor Muller told that Spykers’ deal with North Street Capital would be completed before the year end.

Near the end of October, this company up as a potential savior of Saab. A rights offering of 70 million krona and a loan of nearly 400 million krona to Saab would be guided by the reconstruction.

Guy Lofalk did not accept this deal, and chose to discontinue the reconstruction. “There is no money we have seen,” said of the promised funding from the North Street Capital.

Now it seems Victor Muller have reached the same conclusion about the U.S. venture capital firm.

But is North Street Capital is still in the process of buying Spyker?

“North Street Capital was not real,” replies Victor Muller, “This means they pretended to make a deal, but in fact they could not at all that. They could not provide credible evidence of assets.”

In mid-January, all SWAN directors left, except Victor Muller himself. There were differences of opinion about the Swan would be financed, according to their press release.

Talks about a sale of Spyker continues; yet another option is to retain Spyker in SWAN, and “expand the business through acquisitions,” according to the press release.

Source: DI.SE

Copyright © 2012, by Shawn Holwegner. All Rights Reserved. Please do not republish without permission.

VM: “I believe Brightwell can save SAAB and make a deal with GM”

“I truly believe that Brightwell has both the means and the ability to buy Saab.”, Victor Mueller stated to TTELA.

Representatives from Brightwell Holdings are currently in Sweden and Gothenburg, and yesterday the company’s director Zamier Ahmed arrived in Stockholm and met with Victor Muller. Muller is assisting Brightwell prepare a bid, whom he supportsto take over Saab.

TTELA asked Muller why he felt Brightwell in the best position to buy Saab and why GM would say yes to the company?

“I can not comment on the matter more than that I really think Brightwell has both the means and conditions required to purchase the entirety of Saab”, said Victor Muller.

Muller said he believes that Brightwell is the candidate with the frontrunner to get the opportunity to build Saab’s current models, 9-3, 9-4 X and 9-5, where General Motors so far refused to concede licenses for a buyer.

Brightwell had already been in contact with Saab during last fall’s reorganization, wishing to buy into the company.

Victor Muller had this Turkish company on track to save Saab when the Chinese companies appeared to step back. He has met with representatives from the Turkish government and has had a meeting with the Turkish ambassador in Stockholm.

Current industry states that Brightwell have strong support from the Turkish state. The company is also said to be backed financially by the oil interests in the Middle East.

Copyright © 2012, by Shawn Holwegner. All Rights Reserved. Please do not republish without permission.