Not a day passes by without Some news from Saab. On Sunday, the parent company of Saab, Swedish Automobile N.V. (Swan), announced that, effective immediately, it terminates the subscription agreement of July 2011 with Pang Da and Youngman.
The Chinese companies were supposed to provide a bridge loan to help Saab proceed with the restructuring plan approved by the Swedish court. Ten days ago, the Swedish company announced that it received the first installment with the next expected on October 22.
Instead of providing more cash, on October 19 and 22 Pang Da and Youngman presented an alternative to Swan for the purchase of 100% of Saab Automobile shares, which the company says it deemed “unacceptable”.
The Swedish automaker, however, said all options continue to be open stating, “Discussions between the parties are ongoing.”
The announcement comes right after a court-appointed administrator filed an application last week to terminate Saab’s voluntary reorganization process with the District Court in Vänersborg, Sweden. Saab has said it will challenge the move
“The regular procedure prescribes a hearing of the arguments of both the administrator and Saab Automobile. Saab Automobile has until 27 October 2011 to reply. The court has informed Saab Automobile that it shall decide on this case on 28 October 2011,” Saab said in a statement.
