Chinese lender talks with Saab
Source: Agencies |
December 6, 2011, Tuesday
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Print Edition
Print Edition
SWEDISH Automobile, the owner of Saab, yesterday said it is in talks with an unnamed Chinese bank and an auto company about getting them to buy stakes to help the troubled car brand.
Swedish Automobile said the negotiations with the bank and Zhejiang Youngman Lotus Automobile Co include short-term actions to help it pay November wages to Saab's staff and continue reorganization.
Swedish Automobile CEO Victor Muller told local news agency TT that the bank in question is not the Bank of China, but didn't give any more details.
The talks outcome is still uncertain, and a deal needs the approval of relevant stakeholders, including previous Saab owner General Motors Co.
Saab has been fighting for survival since Muller took over the loss-making brand from GM in 2010 through his Dutch company Spyker Cars, which has since changed names to Swedish Automobile. The company's production has been at a standstill for most of the year, and the car maker entered bankruptcy protection in September.
Earlier this year, Youngman and Chinese car distribution firm Pang Da Automobile Trade Co said they would buy the brand for 100 million euros (US$135 million), but that deal was blocked by GM amid concerns over its technology licenses.
Saab's employees have still not received their November salaries.
Swedish Automobile said the negotiations with the bank and Zhejiang Youngman Lotus Automobile Co include short-term actions to help it pay November wages to Saab's staff and continue reorganization.
Swedish Automobile CEO Victor Muller told local news agency TT that the bank in question is not the Bank of China, but didn't give any more details.
The talks outcome is still uncertain, and a deal needs the approval of relevant stakeholders, including previous Saab owner General Motors Co.
Saab has been fighting for survival since Muller took over the loss-making brand from GM in 2010 through his Dutch company Spyker Cars, which has since changed names to Swedish Automobile. The company's production has been at a standstill for most of the year, and the car maker entered bankruptcy protection in September.
Earlier this year, Youngman and Chinese car distribution firm Pang Da Automobile Trade Co said they would buy the brand for 100 million euros (US$135 million), but that deal was blocked by GM amid concerns over its technology licenses.
Saab's employees have still not received their November salaries.
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