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, January 31, 2012

Youngman back in Sweden ready to talk

The management of Chinese Youngman arrived to Sweden late last night according to local Trollhättan newspaper TTELA. In the briefcase Chairman Pang Qingnian and his daughter and CEO Rachel Pang most likely have a bid on Saab. A bid based on a business plan not relying on support from General Motors.

"Youngman is not dependent on General Motors's decision," said Johan Nylén, Swedish spokesman of Youngman, to TTELA.

It was in the days ahead of Saab's bankruptcy filing on December 19, that General Motors (GM) made it clear that it would not support any transactions where Youngman took any ownership in Saab. Later GM has also said that they will not support any transaction, no matter who the buyer would turn out to be.

Now Youngman has evidently prepared a bid and a business plan where Saab will not depend on technical support or component sale from GM.

"You could say that Youngman is not dependent on General Motors. Youngman thinks that the operations at Trollhättan can be restarted, even without General Motors," Nylén said.

The Youngman management has a full schedule during their stay in Sweden.

"They will stay as long as necessary but at least one week," Johan Nylén said.

During their stay they will meet a number of people, organizations and companies that are significant to a restart of Saab.

"Then the next step is to begin final negotiations with the administrators," Nylén said, but he could not say exactly when those talks would take place:

"It depends on the administrators. We want to start a negotiation as soon as possible. Ideally, we would sit and discuss right now," said Johan Nylén.