Saab receives first payment from Youngman - future secure, for now

Saab PhoeniX concept - 01.03.2011

Chinese investment still awaiting approval

Saab has received the first installment of their €70 ($96) million bridge loan from Zhejiang Youngman Lotus Automobile. The company declined to mention how much they received, but the remaining amount is expected to be delivered by October 22nd.

The desperately needed cash will help to ensure the company's short-term stability until the Chinese government approves a €245 ($336) million investment by Pang Da and Youngman. However, reports have indicated the deal is likely to be rejected because it doesn't include any new intellectual property rights.

Source: Saab

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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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GRAVE

Poor SAAB. I really hope a huge success for them because i like SAAB and i do really hope to see this PhoeniX concept hit the roads. such a beautiful car.

October 13, 2011 1:44 pm

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1 reply

AnaHelu?i?

they produce lame cars

-4

October 14, 2011 2:46 am

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opelbauer

I hope so. If they could survive till now, they shouldn't give up. I'm really waiting for the next generation 9-3. The whole market is waiting for new models!!

October 13, 2011 1:55 pm

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1 reply

AnaHelu?i?

no it does not

-2

October 14, 2011 2:46 am

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PAA

I visited a Saab dealer to see what kind of a deal I would get on the 95. Guess what, he offered me a ?1000 discount. Shouldn't they be desperate to make some sales right now?

October 13, 2011 8:20 pm

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4 replies

Why would the Dealer be desperate to make sales, when they (SAAB) can not supply stock, they have not made any cars for 8 months...WHO would buy one anyway, when it falls over so does most of the support and parts. I am sure suppliers will want to to be with Saab when they have not been paid for months and neither has employees...THIS is nothing but Hopeless for SAAB.

-1

October 14, 2011 1:44 am

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3 replies

opelbauer

"A" you are relly right .. not the dealers have to make good offers, SAAB has to build cars again! But acually here in Budapest the SAAB dealer is making now a special premium used car offer with guarantee.

October 14, 2011 4:42 am

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PAA

Come on guys, the dealers have a stock that is sitting there for months cause nobody is buying Saab. It is costing them dearly financially, don't you think they want to get rid of those cars soon enough?

October 16, 2011 9:17 pm

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opelbauer

PAA: For sure dealers want to sell those cars, but until the brand's future is not safe, nobody wants to buy a SAAB. So the first step is to make sure there won't be bankruptcy.

October 16, 2011 11:03 pm

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progressive

I hope they will be on the feet again, they have tehnology to be very competetive. I think they should merge with Volvo to share, and rise fast.

October 14, 2011 9:53 am

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