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The New Chinese prospective owners of Saab to carry out major investment in the company
Sunday, 30 October 2011
Pang Da and Youngman, Saab Automobile's prospective new owners are prepared to invest a total of Skr7.5 billion in the company over the next two years.

This applies to two billion in the first instance to get the factory in Trollhattan to again start making cars.
Thereafter, the two Chinese companies are willing to contribute additional Skr5.5 billion to develop new car models, reports the Swedish television news program Rapport.
According to the  plan which was presented to the court that is looking into the feasibility of Saab automobiles reorganisation plan, the new Chinese owners would just within the  next two years  shoot in over seven Skr 7 billion to bring the company back on its feet, said a source familiar with the negotiations  to Swedish television news program. The plan will be presented properly in the morning at the creditors meeting in Vanersborg.

These include developing a replacement for today's 9-3 model, but also to develop a small Saab model and two larger models.
Eric Geers, information director of Saab Automobile, would not confirm Rapport's figures but told news agency TT that the reorganization plan to be presented on Monday at the creditors' meeting includes a "major investment".

“Relating to the new figures, I can only say that there is a tremendous support from our prospective future owners. They want to invest heavily in Saab Automobile. It is clear,” said Geers.

Over the weekend, Saab's leadership was in talks with the Chinese car companies to design the details of the reorganization plan. Negotiations are still not completed and there may be some changes in the last minute.

The work will then be presented on Monday in Vanersborg where the district court which is also aimed at convincing the creditors. At the meeting, those people Saab owes money would have the opportunity to have their say before the district court to decide on how the reconstruction will continue.

The rescue plan for Saab Automobile is also based on the possibility that Pang Da and Youngman will have all the necessary permits. So there is still much that is uncertain before it is clear whether Saab could survive.

Saab has 1500 creditors to convince that it want to get back to business and for the reconstruction and Chinese ownership to make progress, surest way to get their receivables is to make things pretty clear.

Interested creditors will gathered on Monday in a creditors' meeting Vänersborg holding town hall. There they listen to when Saab CEO Victor Muller and administrator Guy Lofalk presents the business plan assume that Pang Da and Youngman take over and pumping money.

A creditor who will participate is Plastal, represented by CEO Per-Ewe Wendel. He is not planning any protests.
“No, I see no advantage in trying to stop reconstruction, quite the contrary. Is there a letter of intent that demonstrates a sustainable track ahead, it is a greater chance of getting any money. A bankruptcy would only mean an even more difficulty to travel,” says Per-Ewe Wendel.¨
By Scancomark.se Team

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