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.

Saturday, June 9, 2012

Youngman places new bid, has money available

The Saab farce continues. Now for a third time, Chinese Zhejiang Youngman Lotus Automobile makes a comeback. In the suitcase Youngman has a SEK 4 billion bid on Saab.

"Our revised bid is for every part of the Saab bankruptcy estate, including the spare parts company. An our offer means that the government and the National Debt Office get full compensation for their debt in the bankruptcy, which means SEK 2.2 billion. Youngman also has provided evidence that the money is available," said Youngman's spokesman in Sweden, Johan Nylén said to TT.

Nylén dismissed claims that Youngman would be out of the picture with regards to buying Saab.

"Quite the opposite. Youngman has now accelerated its ambition to buy Saab and start production as soon as possible. We have had ongoing contact with the administrators and we now hope to be entering into intensive negotiations," Nylén said.

The bid of SEK 4 billion should according to Nylén be the highest bid received by the administrators.

"Youngman is convinced that it has placed the highest bid, and it has proved to have access to the money and so Youngman should be in a good position as the purpose is that the creditors get back as much as possible of their money."

According to Nylén, Youngman has received a "letter of acknowledgment" from the Chinese National Development and Reform Commission, which says that Youngman is the only Chinese company which can buy Saab's assets.