Reports suggest that a last-minture rescue deal to save Saab has been blocked by the Chinese government and that the company could declare bankruptcy as early as today.
Saab has been waiting on a $93 million loan from Chinese carmaker Youngman in order to pay wages and suppliers. IN addition, the Swedish automaker is also waiting on the Chinese government to approve another $328 million investment in Saab by Chinese car firms Zhejiang Youngman Lotus Automobile and Pangda.
Reports coming out of China say that the Chinese government is unlikely to approve any investment in Saab since the sale does not include the purchase of any new intellectual property rights.
We’ll have more details for you as we get them.
– By: Omar Rana