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.

Monday, August 29, 2011

Saab close to securing short-term funding

According to Automotive news, their source close to the negotiations says that Saab is close to securing short-term financing. Financing that will bridge Saab over to autumn when it is expected that the Chinese partners Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. will invest EUR 245 million in Saab.

The source says that Saab's management is "very optimistic" about rasing the needed funds this week. Late last week the source told Automotive News that saab is negotiating with several possible parties to get short- and medium-term funding to restart production

To Automotive News, Saab's CEO Victor Muller confirms that a reconstruction is one option to win time.

"We will not rule out anything," Muller told Automotive News. "We are focused on a solution, and if the collection agency moves forward we have to protect ourselves."