Filed under: China, Europe, Government/Legal, Saab, Earnings/Financials
http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-emblem-200.jpgIf a new report by Autocar is to be believed, Saab may be pushed into bankruptcy as early as later today. According to the British weekly, emergency financial support from Chinese carmaker Youngman is “virtually certain to be blocked” by its home government because the deal does not include any new intellectual property rights. Saab not only needs approval from Chinese authorities to broker the deal, it must also still see its reorganization formalized in Swedish courts.
Saab has been waiting on both a £60 million loan ($94M USD) from Youngman and an additional £210M ($328M) from Zhejiang Youngman Lotus Automobile and PangDa, but to date, funds have not been cleared because of governmental bottlenecks.Saab to finally succumb to bankruptcy today? originally appeared on Autoblog on Tue, 11 Oct 2011 09:45:00 EST. Please see our terms for use of feeds.
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