Press Release: Swedish Automobile Informed By Administrator Of Application To Terminate Voluntary Reorganization

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden.

Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding to pay the wages and be able to continue the voluntary reorganization.

Is this the end, I don’t know, but at least Saab has some days to react, which means find a final Deal that is OK for GM, so Youngman can send some money.

Please do not start writing nasty words against Mr. Lofalk, maybe he has to do this by law.

Press Releasse: Swedish Automobile Continues Discussions With Youngman

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in Swan. The discussions include a short term solution to enable Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders.

Swan will keep the market informed of any developments.

This just confirms what we have heard yesterday. Now we have to wait for GM and the NDRC to approve it. I hope for the Saab employees that the short term solution is not also awaiting approval.

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