Ambitious automaker Saab has been in hot water for some time, and just before declaring bankruptcy, the brand received relief.
Youngman has agreed to loan Saab Automobile funding for its reorganization project, and provided the brand with its first payment of roughly $15 million on September 12. The remainder of the funds should be released by October 22. The total bridge loan of around $97 million is being provided, pending an approval from the Chinese and Swedish authorities on an approximately $338 million investment sum from Youngman and Pang Da.
– By: Alexandra Koken