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

Swan, Saab Automobile And Pang Da Respond To Media Reports

TrollhΓ€ttan, 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.

Grumpy
Member

Well, I guess that does it then…

ante
Member

Still worried about “young people” though…

ANA
Member

Yes good that they came out and commented on Pang Da to alay fears however Youngman are the stumbling block.

Audun
Member

And now the stock will go further up again: http://www.reuters.com/finance/stocks/overview?symbol=SWAN.AS

kochje
Member

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.

900 classic cab
Guest

And the roller coaster ride continues πŸ™‚

xlx
Member

Fasten seat belts. Don’t smoke. And don’t forget the paper bag to have ready.

RS
Member

This ride reminds me of the movie Airplane!.

tobbe
Member

Media can really mess things up πŸ™‚
Perfect with a pressrelease from everyone involved in this issue.

Coke is it
Guest

Let me guess, this press release will not appear on di.se.

tobbe
Member

+1

janne eriksson
Guest

You ‘re right they just took away the original artical… Cowerds!

Vector-SS
Member

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?

TonymacUK
Member

Journos

Tripod
Member

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. πŸ™‚

ThomasJ
Member

Best press release since long time.

Jasper
Guest
Jasper

“Press on regardless”
quote from Admiral Paul Butcher, U.S. Navy

Martin T16s
Member

I see no mention of Youngman in that press release.

SaabSouth
Member

I see no update on when production will start……

Jos
Member

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? πŸ˜‰

SaabSouth
Member

Yes but that is the key question isn’t it……. the rest is just noise

Khrisdk
Member

2012

Is that good enough?

Jos
Member

2012

The underwaer? Eeew

Jos
Member

@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…

ANA
Member

SaabSouth
I guess that the answer is somewhere between February and never. Hopefully closer to February…

Martin T16s
Member

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.

i. ant. kal.
Member

+1

TurboLover
Member

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.

Jos
Member

You made my day. Thanks for that!

granne
Member

+1

hans h
Member

Wonderful!
Now, how do I get the Village People out from my head again. πŸ™‚

Audun
Member

That is now impossible! πŸ˜‰

theSandySaab
Member

Brilliant!
…and very funny and appropriate…

Tripod
Member

Great. πŸ˜€

Daniel B
Member

Best post for a loooooong time:)

turbin
Member

Gold!!

Carlo A
Member

Our poet …… too cool πŸ™‚

kochje
Member

Great song; ask royalties and spend these to SWAN

bpsorrel
Member

Brilliant! :)))

Lars S
Member

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 πŸ˜‰

TurboLover
Member

Copying is the most honest form of flattery. Please go ahead πŸ™‚

phermansson
Member

Eric Geers said to the radio now that everything goes as it should and maybe something will be annonounced at friday.

Audun
Member

Liked! πŸ™‚

Carlo A
Member

Friday is the 14th, isn’t that when the NDRC ought to decide?

skwdenyer
Member

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” πŸ™‚

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.

turbin
Member

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.

davidgmills
Member

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.

74StingSaab
Member

You’re talking about CJ… Cowboy UP folks…

SAABNUT
Member
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 »
phermansson
Member

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?

KarlR
Member

Great news if true!!

zippy
Member

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!! πŸ™‚

fritzeg
Member

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?

henli1970
Member

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

TurboLamko
Member

Hope that it’s true!!!!

Anders_Sweden
Member

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.

skn
Member

Hot Dang! VM Up!

zippy
Member

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

β€œI don’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.

wpDiscuz

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close