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Pang Da stands by Saab despite standstill in Saab factory and the views of bankruptcy



  

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Friday, 24 June 2011
A representative of the Pang Da, one of Saab Automobile's Chinese partners, said in an interview with Bloomberg News that it stands by the deal they made with Saab owners, Swedish Automobile (formerly Spyker), despite the stoppage of production in the factory.

This is more evidence that Pang Da which is the leading author retailer in China has seen something the Saab brands of car that others have not seen. It also shows that they believe that Saab would be a viable product once it has regained it operative capacity.


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Saab stopped production due to problems with suppliers of parts and subcontractors who refused to supply Saab on ground that Saab had not paid them for their products. Then most recently, Saab missed to pay the salaries of its employees.

“It changes none of our previous plans. Saab has temporary financial difficulties and problems are not fundamental,” says Wang Yin, secretary of the board of Pang Da, to Bloomberg News.

Pang Da is willing along with others such as Chinese Youngman, to buy into the Saab. In the deal signed with Swedish Automobile, the two companies will jointly buy the shares worth about 245 million euros (about Skr2.3 billion). It would give them a majority of nearly 54 percent of the shares.

Pang Da, which has is the largest auto dealership in China, has already paid over €400 million for 1900 Saab cars in advance to be delivered this autumn.
If thing turn around for Saab the it will be a blow to all the Swedish sceptics who had started writing the company’s epitaph since moths ago
By Scancomark.se


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