chinese firms still eying saab purchase as deadline expires
Last Updated : GMT 06:41:18
Arab Today, arab today
Arab Today, arab today

Chinese firms still eying Saab purchase as deadline expires

Arab Today, arab today

Arab Today, arab today Chinese firms still eying Saab purchase as deadline expires

Stockholm - AFP

Two Chinese companies are continuing discussions on purchasing Saab even though the deadline for the deal expired Tuesday, the beleaguered Swedish carmaker said. \"Talks continue between Swedish automobile and our Chinese partners Pang Da and Youngman,\" Saab spokeswoman Gunilla Gustavs told AFP. \"Discussions continue with the goal of (finding) a proposed structure for the future that everyone can agree upon,\" she said, stressing that it was especially \"important that General Motors is okay with the proposal.\" Saab\'s former owner GM has said it will block the transfer of technology licences to the two Chinese firms if they buy all of Saab, putting what is considered the Swedish carmaker\'s last chance of survival in jeopardy. \"GM needs to approve the deal if we are going to continue to build and sell the current Saab line-up (the 9-3 and 9-5 models),\" Gustavs said, insisting it was \"critical\" to get the US auto giant onboard. \"GM holds the technology licences with those cars. We do need them to agree to it if we are to continue the business and not just wait for future cars,\" she said. Saab\'s current Dutch owner Swedish Automobile (Swan) announced on October 28 that Youngman and Pang Da had agreed to buy the insolvent brand for 100 million euros ($134 million) and 610 million euros in long-term funding. The Memorandum of Understanding between the parties expired Tuesday but since this date was \"self-imposed\" it did not require them to halt discussions unless one of the parties wanted to do so. Another deadline would have more practical implications -- Saab\'s court-appointed administrator, who has been tasked to lead it through reorganisation under bankruptcy protection, is scheduled to present a plan to creditors on November 22. Gustavs acknowledged that if no concrete agreement had been reached between Youngman, Pang Da, Swan and GM by then, the sale of Saab could be in jeopardy. \"The proposal that will be given to the creditors will have to be concrete enough so that the creditors can take a position on it,\" she said. If the administrator or creditors decide the presented plan lacks credibility, Saab could be pushed out of bankruptcy protection. Saab was on the brink of bankruptcy when GM sold it to Swedish Automobile -- at the time called Spyker -- in early 2010 for $400 million. It has been a rocky road since then. The carmaker was forced to halt production six months ago as suppliers stopped deliveries over mountains of unpaid bills and Saab\'s some 3,700 people have seen salary payments delayed four months running.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese firms still eying saab purchase as deadline expires chinese firms still eying saab purchase as deadline expires

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinese firms still eying saab purchase as deadline expires chinese firms still eying saab purchase as deadline expires

 



Arab Today, arab today
Arab Today, arab today Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday