Saab Turning To Youngman For Loan In Order To Avoid GM's Approval
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]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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GM is jealous and pissed that SAAB has created machines that have a stance of power and elegance beyond there line up. All of the new Cadillacs look exaggerted and contrived with no SUBTLE nods the rich GM history. The new 9-5 actually reminds me of my dad's 69 Tornado which GM probably doesn't even know it made. That "fin" tailight on the GM cross over looks like an after thought! The 9-4X crossover looks sophisticated and timeless...from every angle! GM is a dinosuar trying to evolve while SAAB is making airplanes. I hope they rise like a pheonix from the ashes!!!!