Filed under: Europe, Plants/Manufacturing, Saab
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Saab has announced that it has received a financial commitment from U.S.-based North Street Capital. The offer has arisen over doubts that the deal previously brokered with Chinese automakers [Pang Da](http://www.autoblog.com/tag/pang da) and Youngman will actually come to fruition. Saab intends to accept the new offer from its U.S. suitor.
The deal commits North Street Capital to 2,386,635 ordinary shares of Swan at $4.19 per share. In addition, North Street will loan Saab $60 million in exchange for a first lien on certain Saab assets as collateral. The deal is set to be inked no later than Monday, October 24.
Originally, Saab was set to receive the full bulk of the $97 million promised by Pang Da and Youngman on Saturday, October 22. Even so, there seems to be some trepidation from the automaker about whether or not those funds will materialize, and Saab says that it needs immediate funding to stave off an implosion. Hit the jump for the press release.Continue reading Saab secures private equity investor, doubts timing of Chinese money
Saab secures private equity investor, doubts timing of Chinese money originally appeared on Autoblog on Thu, 20 Oct 2011 11:00:00 EST. Please see our terms for use of feeds.
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