Home / Auto News / News article: Saab, Hawtai Deal Terminated - AutoGuide.com News
 |  May 12 2011, 7:59 AM

Poor Saab, it just can’t seem to catch a break. After negotiations with several Chinese automakers, it appeared that a deal with Hawtai Motor Group had been reached. Now that deal has collapsed.

Saab parent, Spyker Cars, said that Hawtai was unable to obtain all the necessary consents, as a result; the arrangement has been terminated with immediate affect, though there still is the possibility the two companies might continue discussions, albeit on a non-exclusive basis.

In the meantime, Spyker and Saab will continue to work on finding short and medium-term funding, which includes more discussions with Chinese ‘partners.’  In addition, Saab is talking with the European Investment Bank to complete the 29 million Euro drawdown on the loan given to it , as well as getting approval to sell and lease Saab assets.

Spyker said that “as soon as the EIB drawdown or other equivalent funding is confirmed, Saab Automobiles plans to re-start production depending on the outcome of discussions with its suppliers.”  The saga continues.

[Source: Automotive News]