Youngman would not pay for Saab any more and Saab is forced into bankruptcyMonday, 19 December 2011
Youngman, the Chinese company that wants to be involved in the ownership of Saab automobile has declared that it will not pay more money for the ailing motor maker.
As Saab dangles between survival and death, Youngman was expected to pay in some money in to Saab’s coffers last week which would have been used to pay workers wages as well as other outstanding bills. This was to be so because Youngman had hopped that negotiations on part ownership will be confirmed by GM.
AdvertisementIn early morning n Monday, Saab was forced to apply for bankruptcy as Victor Muller, gives up his struggles to bring back the company to life.
But that payment did not happen. It is also reported in Swedish media that the company has now decided not to pay additional capital.
The cause of Youngman's decision not to send more money is said to be GM's categorical rejection to a plan for the Chinese involvement in a Saab Solution.
According to reports, Youngman has already added a total of Skr600 million, while Pang Da, the other company that was interested paid about the same.
According to a source familiar with the process, the only points for Saab automobile is to filed for bankruptcy on Monday morning.
There is 95 percent certainty that Saab is left to do just this.
Late last Friday Saab Automobile's chief financial officer, Rob Schuijt departed. Several independent sources say that he was acting so as not to risk being personally liable in a bankruptcy.
By Scancomark.se Team
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