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Thursday, October 27, 2011

China's Youngman and Pang Da Say Saab Deal is Still On


Earlier this week, Saab announced that it was terminating the deal with Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., since their bridge loan that would help the Swedish automaker survive in the short term did not materialize in the agreed period.

Yet the two Chinese companies that provided only part of the €70 million (US$ 95.4 million) loan and which recently offered to buy 100% of Saab’s shares, say that the €240 million (US$340 million) July agreement is still on the table.

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