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.

Wednesday, November 16, 2011

Chairman of Pang Da headed for Sweden, says GM "eased up"

As far as the general public knows, the negotiations between Swedish Automobile and Saab on one side, and the Chinese companies Youngman and Pang Da on the other, are still ongoing. The goal is to reach an agreement for the sale of parts of Saab or 100 percent of Saab, that General Motors can accept and still supply Saab with the needed technology to produce the Saab 9-3, Saab 9-5 and Saab 9-4X.

According to Swedish news agency TT, the Chinese are reluctant to go back to a deal where they only become part owners of Saab. And Pang Da is said to be the most reluctant party. So now the discussion are on the subject how much of Saab the Chinese want which also GM can accept, and of course also at which conditions.

According to SinoCast, a business information provider with a focus on China, Pang Da made an announcement in late October that its Chairman had been entitled to be fully responsible for the talks with related parties, such as Swedish Automobile. Now the Chairman of Pang Da, Pang Qinghua, is on his way to Sweden.

"Now GM's attitude has eased up, and I will head for Sweden to have further discussions about related problems," said Pang Qinghua.

The deadline to reach an agreement could come next week, when on Tuesday November 22, Saab needs to present a payment plan for its creditors concerning the outstanding debt. If the cerditors are not happy, they can ask that the reconstruction is ended. Also the administrator of the reconstruction can ask the court to end the process if he thinks that there is no possibility to reach an agreement that will save Saab.

PS: Pang Qinghua headed for Sweden and "GM eased up" are unconfirmed information so far. I do not know how credible SinoCast is!