It’s true that this month is probably the worst in a really bad year for Saab. Its 9-5 ended last in Consumer Reports’ luxury sedan test, GM repeatedly vetoed any sale deal involving the Chinese, and the court-appointed administrator has asked for the restructuring process to be terminated.
Today, though, a ray of light shined in Trollhättan as Saab received a first payment from China’s Youngman Lotus Automobile, ahead of the court meeting that will decide its future next week.
Swedish newspaper Dagens Industri reported that Youngman gave Saab $5 million US to cover its immediate tax expenses. Eric Geers, the Swedish carmaker’s spokesman, said that “I can confirm a first payment from Youngman. Funding has come into Saab accounts”, but would not disclose the amount or any further information.
“Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganization”, he added.
Reuters reports that Youngman plans to pay Saab another $26.43 million US (€20 million) by next Wednesday and $13.1 million US (€10 million) until the end of December.
If the Swedes receive the much needed cash, it may allow Saab to implement its plan and restart production soon.
