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Saab Saved from Liquidation by Two Chinese Companies?
This latest episode in the ongoing Saab story (NYSE Euronext Amsterdam: SWAN) is likely not the final one in a long running thriller over the future of the former General Motors subsidiary. The proposed Chinese ownership agreement is subject to a final share purchase agreement between Swan, Pang Da and Youngman. In a statement, Swan said it will contain “certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties.”
Furthermore, the €100 million will be paid in installments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile. Continue reading
Saab Files for Bankruptcy in Sweden. State to Pay Workers
In the months ahead, the Swedish government will pay Saab’s 3,700 workers while a reorganization plan is debated. Saab suspended worker payments in July, as the company only sold fewer than 13,000 automobiles and posted a loss of -€201.5 million during the first half. The grim reality is that Saab Automobile after decades of losses, changes of ownership and financial engineering has limited financial resources and options remaining. Continue reading
Posted in auto news, economy, financial results, news analysis, results
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, chinese auto industry, ec industrial policy, Ken Zino, saab, saab automobile, saab bankruptcy, saab reorganization, spyker cars, swan, zino
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