Swan, Saab Automobile And Pang Da Respond To Media Reports
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding.
Pang Da has also denied it to Dow Jones Newswire.
Wang also rebutted a report that the agreement between Pang Da and Saab Automobile became invalid when the Swedish car maker entered bankruptcy protection.
“That must be misunderstanding,” Wang said. “We haven’t and don’t have plan to revise the deal.”
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Reuters is telling now that
The chairman of Chinese auto dealer Pangda said he is “confident” that a planned investment in Saab will go through, clarifying earlier remarks he made suggesting that the deal was now void.
Well, I guess that does it then…
Still worried about “young people” though…
Yes good that they came out and commented on Pang Da to alay fears however Youngman are the stumbling block.
Youngman is more of a silent block, and everyone knows what this means in the automotive industry 😉
???? 🙂
And now the stock will go further up again: http://www.reuters.com/finance/stocks/overview?symbol=SWAN.AS
Not yet, it stays more or less stable but low.
Expect only a significant change when all this gossip is gone and replaced by the arrival of the promised investment from the two Chinese partners.
And the roller coaster ride continues 🙂
Fasten seat belts. Don’t smoke. And don’t forget the paper bag to have ready.
This ride reminds me of the movie Airplane!.
Media can really mess things up 🙂
Perfect with a pressrelease from everyone involved in this issue.
Let me guess, this press release will not appear on di.se.
+1
You ‘re right they just took away the original artical… Cowerds!
Pang Da have also confirmed that they did submit their applications to “relevant government departments” and everything is going well.
So now we can relax a bit, but seriously, who keeps coming up with this false crap?
Journos
One has to run around and stamp out fires in the comments to newspapers etc. when things like this happens.
I would like to suggest that all involved do not talk to the press until everything is done. 🙂
I don’t have that good memories from the day when Saab said enough is enough to di.se 🙁
Can’t Saab sue the DI.se for ruining for Saab all the time?
+1
Well can you remember that many positive news from Saab that press could have reported? Just take a look at Saab’s past official press releases – how many of them have been newsworthy and positive…
Best press release since long time.
“Press on regardless”
quote from Admiral Paul Butcher, U.S. Navy
I see no mention of Youngman in that press release.
I see no update on when production will start……
Gee, seriously? I also don’t see how many times per week Rachel Pang changers his/her underwear.
Maybe that is not the topic of this Press release then, is it? 😉
Yes but that is the key question isn’t it……. the rest is just noise
2012
Is that good enough?
The underwaer? Eeew
@saabsouth: True, but thay have to take it step by step. It’s useless to comment on production restart date, as long as this isn’t sorted yet. Firts get up on your feet, see if you’re stable enoufgh to stand, then start walking, the other way around makes no sense.
Appearantly the noise got so loud that they had to make a statement to hush it up again…
But I know that you know that till the creditors meeting on Oct. 31st no decision about production restart will be taken. So it makes no sense to keep asking prior to that date.
And the rest is not noise, because if Saab doesn’t reach that date in conditions to get an agreement with the creditors, all the waiting will have been in vane.
SaabSouth
I guess that the answer is somewhere between February and never. Hopefully closer to February…
I think my point was a relevent one as it would be good to have the same reassurances from Youngman that all is well in their camp and that they are progressing in the same way as Pang Da.
+1
Let’s sing it!
Youngman, we need money at hand.
I said, Youngman, buy yourself a new brand.
I said, Youngman, from a far away land
There’s no need to wait no longer
It’s fun to be approved by N-D-R-C.
It’s fun to be approved by N-D-R-C.
You made my day. Thanks for that!
+1
Wonderful!
Now, how do I get the Village People out from my head again. 🙂
That is now impossible! 😉
Brilliant!
…and very funny and appropriate…
Great. 😀
Best post for a loooooong time:)
Gold!!
Our poet …… too cool 🙂
Great song; ask royalties and spend these to SWAN
Brilliant! :)))
Brilliant! Mind if i borrow this? If you do mind, feel free to come after me in ways too horrible to mention, because I am borrowing it 😉
Copying is the most honest form of flattery. Please go ahead 🙂
Eric Geers said to the radio now that everything goes as it should and maybe something will be annonounced at friday.
Liked! 🙂
Friday is the 14th, isn’t that when the NDRC ought to decide?
Reuters should be in politics (oh, wait…). They don’t admit they got it wrong, they say that Wang has now been “clarifying earlier remarks he made suggesting that the deal was now void” 🙂
It is very interesting to observe business transactions involving China. It is hard to tell, as an outsider, to what degree Chinese business people use to their advantage the difficulties of translating nuance and subtlety between fundamentally different linguistic systems…
From a legal standpoint, it would seem that those versed in Roman law would be better-served than those with a background in Common law.
Read the reuters article and it makes sense. It can be seen that what was meant is that any prior agreement can be called into doubt by the administrator, not Pang Da. Can see how this was not clear.
Whatever happened to the US group from Wyoming (I think) that wanted to buy Saab when Spyker bought it. I forgot the man’s name, but he used to come to SU and tell us what he was thinking.
Maybe he should get back in the game. Maybe a court would listen to his offers moreso than GM did.
You’re talking about CJ… Cowboy UP folks…
To sum up : The deal is stil on – investors Youngman and Pang Da just need to get gurantees that they do get access to the Phoenix platform technology in return for their loan of EUR 70 ? And technicalities are still being discussed, whilst the almighty NDRC ponders about their approval for the Chinese consortium to invest the additional money disucussed. Meanwhile the Swedish Goverment, Swedish NDO, the reconstructor Lofalk, the Swedish court et al watch and monitor Its absolute horror and drama involved here – and all stakeholders, suppliers, employeeds, customers, fans, dealers are all at the… Read more »
Swedish TV4 now says that according to tomorrows DI, Youngman has paid 100 millions! That the money is on Saabs account now. Time to Tell the fat lady to resume her vacation?
Great news if true!!
Much like the Duracell Energiser Bunny, Saab “takes a licking but keeps on ticking!”.
Send our rubeneqsue lady friend back to her dressing room as it sounds like she has contracted a back case of strep throat.
Saab uses the number 9 in its car models for a reason ya know.
Griffin Up!! 🙂
Is no one else concerned about the following from the Rueters release?
Pang, asked later if Pangda would be interested in a takeover of Saab assets once bankruptcy protection ended, said: “I won’t. My goal is clear. That is, I, along with my partner, will take over the brand and sell the cars in China.
“I don’t even want to sell it globally. I want to sell Saab in China, maybe some neighbouring countries at the most.”
Or does this just mean THEY will sell in China and SAAB will sell globally?
Just heard on Swedish TV4 news that there are indications that will be published in the major Swedish finanans New Paper Dagens Industri tomorrow that Youngman at least have transfered parts on the money. 100 MSEK they stated (or if they just missed between US Dollars and SEK). If 100 MUSD it is the ~650 MSEK that we have heard before
Hope that it’s true!!!!
Good news from TTELA: http://ttela.se/ekonomi/saab/1.1392641-oktoberlonen-ar-i-hamn-for-de-anstallda
The title means “The October salary is secured for the employees” in English.
Hot Dang! VM Up!
Saab needs to do more that secure October’s salary. We need to see production up and running again. 🙂
I am pretty sure someone has totally misrepresented this in translation.