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It seems like there’s more people involved that are interested in saving Saab than there are interested in purchasing their vehicles. Nonetheless, the drama continues to unfold as we reported yesterday that the Bank of China would come to save Saab, but the Chinese firm Pang Da is still expressing interest.
Pang Da is still interested in purchasing at least a part of Saab along with China’s Youngman. Both were originally included in Saab’s plan to sell the brand, but recent reports show that the Bank of China would replace Pang Da as the rescuer. The reason for the switch was believed to be caused by opposition from Saab shareholder, General Motors.
Saab did say that they are still in talks with Youngman and an unnamed bank, but declined to comment on Pang Da’s involvement. But Pang Da reassured the public today that they are still interested in a stake in Saab and that they are still in negotiations with them.
The bright side to all of this? It should be over soon, as Saab’s time is running out with unpaid workers calling for the company’s bankruptcy.
Although Saab has been struggling for the past year, don’t bet against it. All but doomed when GM sought to stop Saab’s deal with the Chinese Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co., Youngman is now proposing a new deal with Bank of China, the country’s fourth largest bank by market value.
The deal with Bank of China, which replaces Pang Da, will allow the bank to own just under 50 percent of Saab. As GM threatened to halt the assembly of the Saab 9-4X crossover as well as halting the supply of components and technology if Youngman and Pang Da succeeded their acquisition bid, the substitution of Bank of China should help pave the way for Saab’s acquisition approval.
Currently, Saab is under court protection from Swedish creditors as its plant has not produced a car in months due to unpaid salaries and bills.
GALLERY: Saab 9-4X