IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Thursday, June 30, 2011

Youngman and Pang Da in Stockholm

TTELA reports that Chinese companies Youngman and Pang Da are presently in Stockholm negotiating with Saab and Victor Muller about the long-term funding and ownership of Saab. As reported yesterday, Russian banker Vladimir Antonov had scheduled a press conference for this afternoon in Stockholm. This press conference was later postponed as Antonov had other matters to attend to. It is believed that these matters include the negotiations with Youngman and Pang Da.

So far this week Saab has raised EUR 66 million by selling cars, selling 50.1 percent of the Saab property company and by getting a bridge loan from Gemini. That would equal SEK 606 million. Earlier it has been said by Sven-Åke Berglie, who is the CEO of the suppliers association, that Saab needs SEK 700 - 800 million to restart production. According to Eric Geers of Saab, the company is working on even more funding plans, but he would not comment on the specifics of those plans. Anyway, the SEK 606 million should be enough to restart the talks with the suppliers.