Saab receives first payment from Youngman, more expected on Wed.

It seems like there may be still some life left inside Saab. The Swedish automaker has apparently received the first payment from China’s Zhejiang Youngman Lotus Automobile as the company struggles to stay in business.

“I can confirm a first payment from Youngman. Funding has come into Saab accounts,” Eric Geers, Saab spokesman, said today. He did not provide any figures.

Reports from Swedish business daily Dagens Industri report that Youngman issued a payment of $5 million to cover tax expenses. Youngman is expected to pay an extra $26.43 million to Saab tomorrow.

Saab faces a crucial court hearing about its future this week.

“Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganization,” he said.

– By: Omar Rana

Source: AutoNews