(And once again we're going to ignore the boring corporate logo for this bankruptcy update and use one of the cool Saab pictures from this feature.)
As many people feared when the news first broke that Chinese carmaker Youngman and car dealer Pangda were the saviors of Saab, it appears that the Chinese government will not allow the deal to take place. According to Autocar, "the Chinese government is unlikely to ratify any investment or takeover of Saab as the sale does not include the acquisition of any new intellectual property rights."
Saab has been waiting on a $96 million bridge loan from Youngman in order to simply pay wages, but that has not come. In September, Saab received protection from creditors to avoid bankruptcy while they wait for funding.
At the same time, Automotive news is reporting that the administrator of Saab's restructuring could, as early as today, revoke the creditor protection plan if they feel that Saab isn't going to be bailed out by China.
throwback says:
09:39 AM, 10/11/11
"the Chinese government is unlikely to ratify any investment or takeover of Saab as the sale does not include the acquisition of any new intellectual property rights."
No surprise, this will be their new stand on joint ventures before long. If it's not already.
stoppre75 says:
09:45 AM, 10/11/11
It is already. Western companies have, almost unanimously, decided that access to the Chinese market is worth the cost of entry (giving up their IP)
ed124c says:
10:10 AM, 10/11/11
I think US high schools should offer Chinese language courses. Of course, the problem that raises is: Which of the many Chinese dialects to offer.
altimadude05 says:
01:03 PM, 10/11/11
Is this finally the end to this Saab story? Because my tissues have long since run out.
church123 says:
08:28 PM, 10/11/11
Wow, when the Chinese don't want to rip off, I mean, buy your shit you know you're in bad shape.