Saab Automobile Update

Trollhättan, Sweden: Management of Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that the reorganization is progressing and that a first payment by Youngman under the bridge loan funding commitment as announced on September 12 was received by Saab Automobile.

Further payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile are expected to be made during this week and by October 22 of this year. It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks.

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8 Comments

  1. Looks like against all odds, Saab has made it in the end and the worst is behind us.  What’s left are hopefully merely teething problems on restarting production after months of hibernation, hardly life threatening.

  2.  This is excellent news! I have the greatest respect for the Saab team and confidence in their ability to put this little company “on the map” once again!

  3. Now that you are getting your bridge loans you should buy the 2.7l line from the Chrysler Kenosha Engine Plant. It is to be auctioned off in December. The 2.7 is a modern engine (it just needs variable cam timing sprockets- which can be done) and its got to be cheaper than the ultra (and unnecessarily) expensive BMW engines I read that you were going to buy when the GM sources go dry.

  4. Steven,

    Will Saab inform the public when the next payment comes? It is a good sign, this first payment. It shows commitment of the chinese. Hopefully NDRC are impressed.

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