Saab‘s clock is ticking quickly to find a way out of bankruptcy with just a “very few days” left to find a loan. Unfortunately, General Motors has been playing a vital role in blocking Saab from selling any of the company to a Chinese automaker, forcing Saab to try to find a loan.
Since Saab can’t sell all or part of the company to any of its interested suitors, Saab has asked their Chinese partner Youngman for a generous $803 million loan. Saab is basically looking for a way to avoid having to get approval from General Motors, since they refuse to give it if it involves shares of the company.
But they better act quick as Saab’s creditor protection could be lifted as early as next week, forcing them into bankruptcy.
[Source: Left Lane News]