The on-again off-again relationship between Saab, some Chinese car makers, the Chinese government and the media took another step forward (?) today with the announcement that Youngman had provided Saab with an undisclosed sum of money. Saab expects full payment ($70 million) by October 22.
A Swedish newspaper is reporting that the undisclosed sum here is about $15 million.
This news comes just a day after Pang Da, the other piece of this puzzle, said that the deal they inked with Saab was no longer valid since the brand was granted bankruptcy protection. They were, apparently, willing to renegotiate the terms based on the current situation. The deal, made in June, was for Youngman to take 29.9 percent of Saab and Pang Da to buy 24 percent.
Just what Saab needs? Or is this just good money after bad?
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