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.

Friday, September 2, 2011

Just-auto: Saab has received cash injection to cover wages for August

Updated with info from Swedish Radio on bridge loan

Just-auto, which is one of the leading online resource of the automotive industry, reports that their reliable sources in the Far East claim that Saab yesterday received a cash injection sufficient to cover wages for August.

According to Swedish Radio which cites just-auto, a bridge loan of $156 million should be with Saab in a couple of days. A bridge loan coming from China. It is unclear who the lender is and if this is part of the cash injection just-auto reports that Saab received yesterday.

Earlier today we got reports from China that Pang Qinghua, chairman of Pangda, had said that Saab was not in danger of an imminent bankruptcy as Victor Muller was in China yesterday to coordinate rescue efforts. Swedish Radio claims that Muller is still in China.

That's all we know by now. If true, then the immediate threat of bankruptcy should have been taken care of. After the Euronext Amsterdam Stock Exchange closes at 17:30 CET, we might get some official news. ...Looks like nothing will happen before Monday. Stay tuned next week!