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, October 13, 2011

October wages secured

Here's some great news after the last days of turmoil.

According to Dagens Industri, Saab received the first SEK 100 million from Youngman on Wednesday and the October wages are therefore secured! And I would think that the reconstruction continues. The administrator should see no reason to stop the process at the moment. Youngman has shown that it is serious about this cooperation by paying the first installment of the EUR 70 million. 

It is unclear what Youngman received in return, but Dagens Industri speculate that it could be the rear hybrid axle which Saab has developed and currently is marketing and producing with AAM.

In a press release Saab now comfirms that the first payment from Youngman has been received:

Trollhättan, Sweden: Management of Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that the reorganization is progressing and that a first payment by Youngman under the bridge loan funding commitment as announced on September 12 was received by Saab Automobile.
Further payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile are expected to be made during this week and by October 22 of this year. It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks.