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, December 22, 2011

Youngman says Saab talks in a "delicate stage"

After Saab Automobile filed for bankruptcy on Monday, several parties have shown interest in obtaining the bankruptcy estate. So far it seems that Chinese Youngman has come the farthest in the talks.

This evening lawyer John Nylén, who is a Swedish spokesman for Youngman, said that the talks are in a critical stage.

"Right now the talks are in such a critical stage that Youngman has instructed me clearly that they do not want to leave any comments at this time," said Johan Nylén to Swedish Radio.

Reports earlier this week has said that Youngman invested around SEK 500 million in Saab before the company went bankrupt. Yesterday the management of Youngman came to Sweden to try to secure their investment.

It is assumed that Youngman is first and foremost interested in the Saab Phoenix technology which were supposed to underpin the next generation of Saab vehicles. But time is an issue. In order for the technology to keep its value, Youngman also needs to keep the key employees at Saab. But it is expected that the employees will get a letter of resignation early next year, and many of them have of course also already started looking for new employment.

But so far the Chinese have not been discouraged from trying to reach an agreement to buy the whole estate or parts of the estate.

"Rachel Pang will stay in Sweden as long as needed," Johan Nylén said.