China's Pang Da and Youngman have added another chapter to the Saab saga by entering into a memorandum of understanding regarding the purchase of 100% of the agonizing automaker's shares.
Yes, Saab is the automotive equivalent of a cat with 9 lives.
The two companies agreed to invest 100 million euros (about $140 million) and provide the necessary funds to allow Saab to continue its reorganization process.
Guy Lofalk, the administrator tasked by the Swedish government to put Saab back on the rails, recently applied to exit reorganization, claiming Swedish Automobile N.V. (Saab's parent company, Swan) couldn't pull it off for lack of cash.
Today's announcement changes everything, however, and Mr. Lofalk has already withdrawn his application.
The memorandum of understanding with Pang Da and Youngman has not yet been approved by Swan's shareholders and certain other parties.
Could this be the saving grace Saab has been searching for?
Yes, Saab is the automotive equivalent of a cat with 9 lives.
The two companies agreed to invest 100 million euros (about $140 million) and provide the necessary funds to allow Saab to continue its reorganization process.
Guy Lofalk, the administrator tasked by the Swedish government to put Saab back on the rails, recently applied to exit reorganization, claiming Swedish Automobile N.V. (Saab's parent company, Swan) couldn't pull it off for lack of cash.
Today's announcement changes everything, however, and Mr. Lofalk has already withdrawn his application.
The memorandum of understanding with Pang Da and Youngman has not yet been approved by Swan's shareholders and certain other parties.
Could this be the saving grace Saab has been searching for?