It’s now the eleventh hour for Saab. The automaker has broken the agreement with partners Youngman and Pang Da, who were to inject 340 million into Saab’s coffers and help it avoid the financial meltdown that now seems more imminent than ever.
The two Chinese firms offered to buy Saab outright, a proposition that CEO Victor Muller has deemed « unacceptable », as he believes it would mean the undoing of the Swedish brand.
Last week, the administrator in charge of Saab’s reorganization also announced that he would be terminating the reorganization process, as the automaker still wasn’t stable enough despite a 70-million investment by North Street Capital.
Discussions are still underway between Saab, Youngman and Pang Da, and Saab has already said it intends to contest the administrator’s decision. So although it’s unlikely, there’s still the possibility of a sudden reversal of the situation.
Source: Automotive News
The two Chinese firms offered to buy Saab outright, a proposition that CEO Victor Muller has deemed « unacceptable », as he believes it would mean the undoing of the Swedish brand.
Last week, the administrator in charge of Saab’s reorganization also announced that he would be terminating the reorganization process, as the automaker still wasn’t stable enough despite a 70-million investment by North Street Capital.
Discussions are still underway between Saab, Youngman and Pang Da, and Saab has already said it intends to contest the administrator’s decision. So although it’s unlikely, there’s still the possibility of a sudden reversal of the situation.
Source: Automotive News