Swedish Automobile talking to Youngman, Chinese bank to help save Saab

Saab Emblem

It’s been a while since we updated you on the survival efforts of Saab – so we decided we’d give you a quick update today.

According to statement released by Swedish Automobile (the owners of Saab) today, the company is in “discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in Swan. The discussions include a short term solution to enable Saab Automobile to pay the November wages and continue reorganisation. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders.”

GM sold the money-losing Saab to Swedish Automobile, known previously as Spyker Cars, in 2010 and still has preferential shares in the carmaker.

– By: Omar Rana