Press release: Official Saab statement on Reuters report 2nd UPDATE

Swan, Saab Automobile And Pang Da Respond To Media Reports

Trollhรคttan, 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.”

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.

65 thoughts on “Press release: Official Saab statement on Reuters report 2nd UPDATE”

    • 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.

  1. 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?

  2. 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. ๐Ÿ™‚

    • 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? ๐Ÿ˜‰

        • @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.

  3. 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.

  4. 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.

  5. 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” ๐Ÿ™‚

    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.

  6. 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.

  7. 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 mercy of this pending loan and eventual investment.

    And media, press have a field day of publishing extracts and piece by piece of the context.

    The timeplan still being some kind of prelimenary decsion by Friday Oct 14th from China, recontruction hearing on October 31st at the court of Vanersborg and later final decision from the NDRC?

    Crazy days ahead!

  8. 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?

  9. 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!! ๐Ÿ™‚

  10. 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?

  11. 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

  12. Saab needs to do more that secure October’s salary. We need to see production up and running again. ๐Ÿ™‚

    โ€œI donโ€™t even want to sell it globally. I want to sell Saab in China, maybe some neighbouring countries at the most

    I am pretty sure someone has totally misrepresented this in translation.

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