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Youngman has not given up on their quest for Saab
Wednesday, 09 November 2011
Saab Automobile's prospective new owners Youngman and Pang Da continued on Wednesday to discuss with Saab's management on other possibilities of doing business together. Since General Motors on Monday said no to the deal with of one hundred percent Chinese ownership arrangement, there are moves to seek other means.

Rachel Pang, director of Young's car, assures said that the company still wants to buy Saab:
"Obviously you want us there. If one is afraid one can not succeed in business. Difficulties are always the way. You have to find solutions, not just give up. "

Saab is in reorganization and is protected against bankruptcy and foreclosures. But if the money dries up or if there are prospects that the re-organisation will not be successful it must be stopped.

When relations between Saab's owner company, Swedish Automobile and the tow Chinese companies froze three weeks ago, it left the administrator, Guy Lofalk a request for that the reorganisation should cease. The request was then withdrawn when the Chinese announced the arrangement where they wanted to buy one hundred percent of Saab.

Now, there are uncertainties. But that any request for reconstruction should be stopped on Wednesday afternoon had not been submitted to the court at Vänersborg.

Administrator Guy Lofalk said to radio Sweden that the first challenge is to investigate whether it is possible to get GM to change its position on their decision already taken.

Already Saab Automobile said on Wednesday it is discussing a new ownership structure with its Chinese investors trying to save plans of selling company.
"The purpose of these discussions is to find an ownership structure that everyone can agree on," said Gunilla Gustavs, spokesperson at Saab Automobile, noting that the proposed 100 percent Chinese ownership "was an issue for GM."

Time pressure is increasing all the time. On November 15 is the letter of intent out and Youngman and Pang Da is free to terminate their relationship. On 22 November, the administrator promised that the creditors will get a payment plan. In order to present such a plan must the question of ownership would have been resolved.

"There is no reason to jump to conclusions. But of course the situation is serious, "said Lofalk to radio Sweden
Youngman and Pang Da have agreed to contribute money so that Saab can run during the reorganization. Rachel Pang says that there should be the continuation of the payments.
"Yes, we will do everything we can to support Saab's survival.”

On the whole, GM's move threatens to put an end to the plans of selling the cash-starved car maker, which liquidity dried up earlier this year after the company missed its sales targets, prompting Saab Automobile to shut down production, delay salary payments and eventually seek court protection from its creditors to avoid being forced into bankruptcy.
By Scancomark.se Team

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