Pang Da: We’re Still There

This one is from Reuters. Pang Da says that they are not out of the deal, on the contrary, they continue talks:

China’s Pang Da Automobile Trade Co will continue talks with various parties including Saab on plans to invest in the crisis-hit Swedish carmaker, it said in a statement.

Saab owner Swedish Automobile said on Monday a Chinese bank was in talks about taking a stake in Saab, although it declined to name the bank.

On Sunday, Reuters reported that a Chinese bank would replace Pang Da in the rescue deal, which might help pave the way for approval by General Motors, which still has preferential shares in Saab and has supplied the Swedish auto brand with crucial components.

“In principle, we would not oppose any plan that would be good for Saab’s restructuring and help it out of the current plight,” Pang Da said in a statement posted on the Shanghai stock exchange late on Monday.

Swedish Automobile said on Monday it was still in discussions with Youngman, but declined to say whether Pang Da was still involved.

They have a good reason to support any deal, they spent quite a few million Euro on pre-paid cars. Let’s hope this can help to set up a proposal that GM has to agree to.

9 thoughts on “Pang Da: We’re Still There”

  1. So the 2 players are :
    YoungMan + Chinese Bank + SWAN ==> Team Leader Victor MULLER.
    Pang Da + ??? ==> Team Leader Guy LOFALK.
    Wo will win the “game” (*) ?
    Hope won’t betoo late.
    (*): not a game at all for all employees / retailers / enthusiasts, and hope that everybody has only one traget = SAVE SAAB !!!

  2. In each deal that will have a chance to get accepted by GM; the main issue is that licenses given to Saab should and must stay at Saab as long as this license is valid.
    So it is most important that the share holders who are ready to invest in Saab are not willing or planning to start production themselves.

  3. Lets hope for the best. I don’t understand GL. He was choosen by Saab because he did a good job the last time. Now he seems to mess everything up. The chairman of Clepa just said on the radio that he doesnt understand what GL is doing, that he must have misunderstood his job when he’s acting like the owner or like an liquidator.

    • exactly my thoughts.
      What GL is acting is as if he was the administrator of company bankruptcy(liquidator) and not reconstruction. His role in the reconstruction is not to protect creditors but rather to try to get them to write off some part of the debt as I understand it.I think creditors protection state Saab is currently in should be read as “protection from creditors claims while the company finds a viable way to get on its feet” and not “protecting creditors rights”.

  4. I suppose that there is a possibility that the Chinese companies, having been frustrated by GM, may now think that their best option is to await the bankruptcy and then acquire the bits that they want. That may be their best option, since in order to have control of their investments they are going to have to replace the GM IP anyway. Allowing negotiations to continue with whoever would be like treading water until reconstruction ends and they can bid directly for the assets.

    • If this is their strategy they will only buy a manufacturing company without a product ready to be manufactured while GM will immediately take all licenses back.

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