The story of Saab is getting ready to start a new chapter all together. After months upon months of battling with creditors, suppliers, governments and various other outlets, production at the Swedish company’s Trollhättan plant has still yet to restart. Not too long ago, after two Chinese companies failed to provide partial funding to support the automaker, another offer was put on the table in the form of a complete sale. Youngman and Pang Da will soon be the owners of Saab Automobile AB and Saab Great Britain Limited. Under the terms of the memorandum of understanding, the purchase of the shares from current owner Swedish Automobile N.V. will cost 100 million euros. Upon the completion of the sale, half will be paid while the rest will be issued in four installments every anniversary of the sale. Final approval will still be needed from the Swedish National Debt Office, European Investment Bank, National Development and Reform Committee of the People’s Republic of China and Saab shareholders. Another party involved is General Motors, who still supply the brand with parts for the Lambda-based 9-4X SUV. The memorandum is valid until November 15, where final papers are supposed to be signed. According to Saab themselves, the issue surrounding GM’s uneasiness with the sale might cause that date to be pushed back.
Before they were Swedish Automobile N.V., they were Spyker Cars. That name will also be sold; to a United States investment company called North Street Capital LP. What that company plans of doing with the brand is officially up in the air. Without these sales, Swedish Automobile N.V. will more than likely go bankrupt. Even though they look solid, they are still not entirely final. If approval from the respective parties goes through, then Saab’s current owners will consider a voluntary liquidation of the company. A rough estimate by the Swedish Automobile N.V. puts their total debt to around 136.5 million euros. The sales of Saab and Spyker will gather just 132 million.
Source: Saab
