Saab Plans To Restart Production Next Week

Saab Plans To Restart Production Next Week

Since “All My Children” and “One Life To Live” have been canceled, soap opera fans can turn to Swedish car-firm Saab for their weekly dose of drama.

Saab has seen its fair share of ups and downs in the last year and a half. General Motors almost left it for dead when a take-over deal with Koenigsegg broke down, only to find a last minute savior in the Dutch car company Spyker.

Ever since Spyker took over, Saab has had escalating problems with paying bills and keeping the production line going, with the company on the brink of bankruptcy almost every month.

Now with a new Chinese investing partner (Pangda Automobile Trade Co.), Saab now seems set to begin production once again next week, after a seven-week delay.

While Saab waits for the Chinese authorities to fully approve the Pangda deal, Spyker’s CEO Victor Muller says he is confident Pangda will obtain the necessary approvals to get the deal done.

Saab currently owes $47.2-million to Swedish suppliers, and almost the same amount to foreign suppliers. To say Saab is in a big hole is an understatement.

We hope they can get back on their feet and start producing cars like the iconic Sonnet and the 900 Turbo once again.

[Source: Automotive News]