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.
Given all the troubles Saab is in, this will only be a short-term solution that will enable the company to pay workers their November wages and continue its reorganization.
A deal between Swan and Pang Da and Youngman for the sale of the Trollhättan-based carmaker had already been reached in October. However, former owner and current shareholder General Motors stepped in blocking the sale as it refuses to give away its platforms and technology to the Chinese.
Since the new deal is also subject to approval from Saab shareholders, we expect GM’s reaction sooner rather than later.
