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Saab’s Creditors agree to the Saab's plan presented by the prospective new Chinese owners

Monday, 31 October 2011
Saab is presenting its business plan to its creditors at a creditors' meeting in Vanersborg.
The idea is that Chinese Pang Da and Youngman are taking over the company. But if the plan does not convince creditors, the application for re-organisation of the company could risk being stopped and affect the Chinese rescue support.

Pang Da and Youngman would like to purchase one hundred percent of the shares. Together they will be prepared to invest a total of Skr7.5 billion over the next two years.

According to the preliminary reorganization plan as a lawyer, Guy  Lofalk submitted to the district court, Youngman and Pang Da undertook a so-called bridge loan of €50 million, approximately Skr 450 million, and they have also committed funding of EUR 610 million, approximately Skr5.5 billion, in the medium term, plus an additional use of loans from the European Investment Bank on the same €570 million.

Global sales of Saab cars is planned to reach 175,000 to 200,000 annually. The biggest sales growth is expected to primarily come from the Chinese market which is anticipated to account for one third of Saab's global sales.

But none of this works before any production can takes off. This information is the requirements that the suppliers of parts and materials can begin to work on so as to enable operations to kick off.

Since several of the subcontractors to Saab are also among the debtors, that is, those have financial claims on Saab, so the situation is still somewhat of messy and ambiguous.

Saab will continue to assemble cars in Trollhattan, Sweden and also gradually grow in similar   in China, according to the plan.
By Scancomark.se Team

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