A day without Saab news is a day wasted. On Monday, Saab’s owner, Swan NV, said that after GM’s rejection of the Pang Da and Youngman deal, it was readying another plan, involving Youngman and a Chinese bank.
Unfortunately for Saab, this latest plan, which put Pang Da out of the picture, didn’t make the cut with General Motors either. On Tuesday, GM spokesman James Cain issued the following statement: “We have reviewed Saab’s proposed changes regarding the sale of the company. Nothing in the proposal changes GM’s position. We are unable to support the transaction.”
The administrator overseeing Saab’s restructure asked General Motors, which remains a holder of preferential shares in Saab and owner of much of its technology, to continue the licensing agreement after the sale. However, the Detroit automaker said that its position would not change.
According to Reuters, Swedish Automobile CEO Victor Muller replied in a text message that “There is always Plan B”, though he declined to provide more information.
Well, if it exists, it will actually be Plan G or whatever by now – but who is counting?
