It ain’t over until the fat lady sings green starts flowing in: cash-strapped Saab may have won a stay of execution last month by receiving court protection from its creditors, but the company is still waiting for the €70 million ($93 million USD) from its Chinese partners Pang Da and Youngman as part of their July deal.
“The money has not come in yet”, Saab spokesperson Eric Geers told Reuters. “We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money.”
Geers couldn’t elaborate on the issue, stating that “it is hard to say when it will be finished, but it will be soon”, nor would he comment on how long Saab is able to survive without the funds promised by the Chinese.
Just last week, Saab’s owner, Victor Muller, signed a preliminary deal to sell the Spyker sports car firm to US-based North Street Capital for €32 million ($43.6 million USD) in order to secure short-term finance for Saab.
But the much needed cash won’t be coming Saab’s way until the deal is finalized and Tenaci Capital’s debt is paid in full, since the latter holds the rights to the Spyker brand as collateral.
Tough times indeed.
