Saab in Talks with Youngman and Chinese Bank to Secure November Wages

It’s been almost a week now since we last heard from Saab and as time goes by without a viable solution, the situation for the Swedish carmaker becomes more critical every day.

On Monday, Saab owner Swedish Automobile (SWAN.AS) announced that it is currently in discussions with Youngman Automobile and an unnamed bank in China about a potential investment in Saab.

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Saab Presents New Restructuring Plan to its Creditors

On Monday, Swedish Automobile presented the restructuring plan of Saab Automobile to the company's creditors at a preliminary meeting in Vanersborg, Sweden.

Saab’s management informed the creditors about the key points of the reorganization process, which has the support both of the administrators who are overseeing the process as well as future owners Pang Da and Youngman.

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China's Pang Da and Youngman Agree to Buy Saab for €100 million and Save it from Bankruptcy

Saab's parent company Swedish Automobile N.V. [Swan] said on Friday that it has agreed to sell the company to China's Pang Da and Youngman.

If the deal goes through, the Chinese will own Sweden’s car industry bar Koenigsegg as Volvo was sold to Geely in 2009 – admittedly at the much higher price of US$2 billion dollars than the €100 million (US$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.

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Saab Attempts an 11th Hour Rescue Deal Before Friday's Court Hearing

This is your daily news info about the current state of affairs of the ongoing saga that is the Svenska Aeroplan AktieBolaget restructuring story or, more accurately, your second Saab news story of the day.

In this latest chapter, Saab's parent company Swedish Automobile NV [Swan] said that it is “in intense final negotiations” with investors in order to secure its financing and, thus, avoid bankruptcy.

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