Youngman determined to be the last man standing when to comes to Saab acquisitionSunday, 08 January 2012
Despite all the brouhaha surrounding Saab automobile and the defecto rejection of the Chinese by GM which still hold rights in the company, Chinese Youngman which wants the company is not giving up.
Three weeks after Saab Automobile declared that it had gone into bankruptcy, the managers working on the company’s estate are reportedly very busy. They are seeking the right person to buy the company despite lots of suitors if according to how things look. The fear is that the more the delay persists, the staff will disperse and that specific skill will be hard to regain in the aftermath.
The Chinese Youngman has vowed to be the first in line to acquire the company and the last man standing irrespective of the level and nature of battering that is expected to ensure.
Directly after the bankruptcy three weeks ago, Youngman's CEO Rachel Pang hastily took a trip to Sweden.
"I had a good meeting with the managers. We made a proposal, "she said.
Now she's coming here again.
"We will have another meeting, but I can not say exactly when.”
As the week runs, the state security for the salary of the workers will run out as it is only valid for one month after the bankruptcy, that is, until 19 January. If those dealing with the bankruptcy retain the staff longer, they’ll have to pay their wages from the bankruptcy estate.
Youngman is keen that within the Saab staff, the key skills should not disappear.
"Our proposal is that we should have left the production in Trollhättan. Then we also have manufacturing facilities in China, "said Rachel Pang. She points out that Youngman believe in the Saab brand.
"Our business plan is all about building Saab models. We want to keep the Saab brand. "
Above all, Youngman aims on using the new platform Phoenix, but it is considered to be one to two years left of its development.
AdvertisementReports hold that it is not as tightly controlled by General Motors, the Saab's former owner who has otherwise blocked all possibilities for Youngman to take over the technology.
"The 9-3 is all more about purchasing agreements than pure rights, "said a source.
It is still not clear how GM would react to the other suitors who have shown interest in the deal. The last time we heard, GM said that it had not heard from any of the other suitors apart from Youngman.
In the past weeks, the Swedish press was full with news reports that Turkish investment company, Brightwell has declared its interest. Indian giant Mahindra group is also reported to be on the list.
Some authorities in Sweden say that what matters here is money and who is ready to pay the cash will carry the day. If creditors receive as much as possible, that will guide managers' choices in the sales according to Rolf Åbjörnsson, lawyer and bankruptcy expert.
"It's all about getting cash. If the interested party wants to keep production in Trollhättan, that is their business as it is not important,” he says and points out that those bankruptcy managers have great power. "
"They have dictatorial powers and can even tear up the old contract (s)" he says.
Yang Jian, editor of trade magazine, Automotive News China, is reportedly questioning the talk about wanting to keep the Saab plant in Trollhättan.
According to Swedish business daily, Dagens Industri, he is quoted as saying that "I think those who want to buy Saab are more interested in the technology. It makes no sense to have a factory in Sweden and then importing expensive cars to China.”
In China, it is rumoured that the interest in Saab is also at various level from several state-owned companies.
By Scancomark.se Team
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