#youngman

Coincidence? Shortly after Spyker sues GM for $3 billion over the Saab buyout, the Dutch automaker has signed a deal with Chinese automaker Youngman. As many know, Youngman attempted several times unsuccessfully to bid for Saab, but was blocked blocked by  GM.

Time and time again, China’s Youngman tried, and failed, to buy Sweden’s now defunct Saab, but it looks like an eligible bidder might have finally entered the circle with a chance to acquire the company.

Nails just keep dropping in Saab‘s coffin, despite Chinese company Youngman’s attempts to sway the tide otherwise.

Just when it seemed Saab would be gone from news headlines for good, Youngman swooped in again to make a bid.

Though Youngman’s attempts to save Saab proved futile, it appears that the Chinese automaker isn’t giving up on Saab-related assets. Youngman announced that they’ve acquired the rights to Saab’s Phoenix vehicle architecture and also announced that they have intentions of setting up a firm in Sweden to develop a new car based on the Phoenix platform.

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.

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.

After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed short and long term liquidity.

Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that’s an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co.