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DATE News (chronologically)
09/29/07
f1
Spyker shareholders approve sale
Dutch sports car maker Spyker Cars NV said on Saturday its shareholders had approved the sale of its Formula One team as part of its refinancing operations.

But it did not say whether the sale would go ahead. Earlier this month Spyker announced it would sell its loss-making Formula One team to a group which includes Indian businessman Vijay Mallya for 88 million euros (61 million pounds).  

"The exclusive negotiation period with the consortium ends at midnight on September 30 and minor legal conditions linked to this offer remain to be settled," Spyker said in a statement. It added that the Formula One team would make a loss of about 6 million euros in the third quarter and its car business would not be profitable in the second half.

Spyker also announced that its Super Sports Utility Vehicle (SSUV) would come on the market 12 months later, and go into production no sooner than the fourth-quarter of 2008.

"Our car business as such is viable and has a future, which was confirmed to us by outside consultants, provided that the financial means to invest in the development of the Long Wheelbase car with automatic gear box and the SSUV can be secured...," chief executive Hans Hugenholtz said.

Once the sale of the Formula One team had been completed, the company would return to its strategic review and associated refinancing. Shares in Spyker closed at 3.35 euros on Friday, down 7.5 percent, after Dutch media reports that a creditor bank could stop the refinancing by seeking to recoup its debt. 

Spyker bought the Formula One team from Midland for $106.6 million (52.3 million pounds) last year. The team made a 13 million euro loss in the first half of the year, lifting Spyker's overall loss to 29.9 million euros from 1.1 million in the year-ago period. Spyker makes two-seaters selling from. around 250,000 euros. Reuters
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