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My point is that a $75 million equity contribution probably means that Spyker probably does not have much left to save the situation if they can't make debt service for some reason in the future.
A default on the debt would permit GM to step in and refinance Spyker out of the deal in order to save their preferred stock position. Spyker's pockets are probably not deep enough unless they raise more equity.
posted by 216.187.34...
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