Filed under: Saab, Earnings/Financials

Spyker's deal to purchase General Motors' ailing Saab division out of the throes of insolvency appears to be moving along quite nicely. Production of vehicles is underway, a plan is in place to launch critical new models and the European Union has approved of a European Investment Bank loan of 400 million-euros ($546 million) to Spyker.

It would seem that the road to a successful acquisition is so sure that the executive committee of Saab dealers have made an unsolicited offer of $24 million dollars to help Spyker complete the deal. Peter Hallberg, president of the association, said, "Those of us close to the business think that there's substance to Spyker's business plan for Saab, and that there are no great, imminent risks."

What's more, Spyker has just reported that it has entered into an agreement to secure a $25 million convertible loan from an investment company owned by Heerema Holding Company Inc. that's conditional on the EIB's aforementioned $546 million loan. Details can be found in the press release after the break.

[Source: New York Times, Spyker]

Continue reading Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality

Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality originally appeared on Autoblog on Mon, 08 Feb 2010 18:01:00 EST. Please see our terms for use of feeds.

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Filed under: Spy Photos, Coupe, Performance, Ferrari

Few letters hold the same lore for Ferrari fans as G-T-O. Pontiac muscle-cars aside, the letters were first used on the iconic '60s-era 250 GTO. The 288 GTO followed two decades later and laid the ground for the F40, the first in the modern age of Ferrari supercars. Now the name is set to come back again on an extreme version of the 599 GTB

Bridging the gap between the roadgoing 599 GTB Fiorano and the track-bound experimental 599XX - and filling the hole left by the Enzo - the 599 GTO promises epic levels of performance (and extreme exclusivity) worthy of the GTO moniker. The prospect first broke cover back in November when internal documents referred to a "599 GTO Limited Edition," and was followed up with more speculative details - including a 700-horsepower output figure - early last month. Now an intrepid observer in Maranello with a camera handy appears to have snapped a camouflaged prototype out in the wild.

Aside from the yards of white vinyl and black tape telling you something's up, this 599 test mule is wearing big black alloys, a blacked-out roof (like that of the 599XX, albeit sans the extra winglets), a monster rear diffuser and Prova-style factory plates. Beyond that there's little to tell, but this is the first evidence we have beyond rumors and conjecture as to what Maranello is up to next.

[Source: alVolante.it]

Spy Shots: Ferrari 599 GTO, is that you? originally appeared on Autoblog on Mon, 08 Feb 2010 17:32:00 EST. Please see our terms for use of feeds.

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Filed under: Etc., Motorcycle, Celebrities

It's been a long time coming, but celebrity gossip site TMZ reports that American Chopper has finally been canceled. A spokesperson for TLC, which picked the show up after its first few years on The Discovery Channel, said, "The Teutuls will always be a part of the Discovery family and we congratulate them on a tremendously successful series run." The final episode will air February 11 at 9:00 PM.

It wasn't tough to see this one coming from a mile away. The hit show has seemingly been just a shell of its former self since two of the original Teutul trio have stopped speaking to their father and disappeared completely from the Orange County Choppers shop.

Recall also that Paul Teutul filed a lawsuit against Paul Teutul Jr. for over a million dollars a couple of months ago and it's easy to see that things have been going south for quite some time. Finally, now that the crew has built customs that run on everything from gasoline to ethanol, diesel, compressed natural gas, electricity and even a hybrid, there just don't seem to be any more alternative fuels left to conquer.

[Source: TMZ]

End of the Road: American Chopper chopped, fat lady sings originally appeared on Autoblog on Mon, 08 Feb 2010 16:58:00 EST. Please see our terms for use of feeds.

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