Press Release: Saab Automobile Update

Trollhättan, Sweden: Management of Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that the reorganization is progressing and that a first payment by Youngman under the bridge loan funding commitment as announced on September 12 was received by Saab Automobile.

Further payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile are expected to be made during this week and by October 22 of this year. It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks.

Bridge loan part 3

Yesterday we posted news on a speculative rumour about the two Chinese partners of Saab (Pang Da and Youngman) willing to guarantee a bridge loan for Saab, in order to allow Saab to restart production.

Now the plot seems to thicken. According to ShanghaiDaily.com, Mr. Pang Qinghua, chairman of Pang Da, sees no more bankruptcy danger for Saab.

Pang Qinghua, chairman of Pang Da, yesterday told Shanghai Daily that they have not submitted the application to the National Development and Reform Commission, China’s top economic planning body. He did not give further details.

But he said Saab was not in danger of an imminent bankruptcy as its chief executive officer [Mr. Muller] was in China yesterday to coordinate rescue efforts.

This is still a non-confirmed rumour, but more and more fingers point in the same direction.

Thanks to SaabLog-In for the tip.

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