British Saab seeks bankruptcy protectionTuesday, 29 November 2011
Saab GB, the Saab automobile subsidiary in the UK has filed for bankruptcy protection in a court in London, while waiting for any monetary contribution from who ever own the company later on.
The owner of Swedish Automobile NV (Swan) has received conditional promises from Saab’s prospective owner, Youngman, that money for salaries would be paid, but the money has not yet been paid apparently due to the wrangling about ownership questions and rights.
Saab GB is owned directly by Swan, who also owns Saab Automobile.
AdvertisementSaab administrator, Guy Lofalk, is in the U.S. trying to pass through the Swedish embassy there to get to General Motors (GM), so as to coax GM to accept the sale of vital technology rights to the Chinese investors Pang Da and Youngman which badly wants to buy the company.
Reports today hold that that a third party may be entering into the negotiation for ownership, as there is also talks that negotiations and exploratory talks are underway with Chinese regional government funds. This would meet GM's requirements that the automaker, Youngman does not have majority ownership in Saab.
By Scancomark.se Team
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