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.

Tuesday, December 13, 2011

Saab confirms reception of first money installment from Youngman

Saab has just confirmed that the first money installment from Youngman has been received. Here's the statement:

"Saab confirms that the first payment in the funding promised by Youngman has now been transferred to the company's account. Efforts to secure the rest of the funding required to pay salaries and continue the reconstruction is moving step by step forward."

This transfer is the first EUR 3.4 million of a short-term funding that is expected to be around EUR 30 million and be enough to cover incurred taxes and unpaid salaries for November and the coming salaries for December.

Saab's CEO and Chairman Victor Muller said to TTELA that this is a good sign:

"Yes, this is a goood sign. Youngman has transferred EUR 3.4 million to us."

Now the attention is on securing the remaining of the short-term funding promised by Youngman.

"Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganisation," Eric Geers, spokesman of Saab, said.

Another piece of good news is that the Swedish Tax Authorities confirms that Saab has paid incurred taxes.

"They have paid their VAT now," said Margareta Ã…hrberg, duty officer at the Swedish Tax Authorities to TT.