The last thread Saab is currently clinging to may have just snapped. Reports say the 245-million-euro investment deal waiting to come through from Pang Da and Zhejiang Youngman will not be approved by Chinese authorities.
According to an Autocar report, the Chinese government will almost definitely stop the investment deal going through due to the investment not including the “acquisition of any new intellectual property rights”. It’s a shame, but Saab may be declared bankrupted as soon as later today.
Last month, Saab was approved time to appeal a rejection for bankruptcy protection, as it waits for this investment to come through. If the investment came through, it would have allowed Saab to pay some of its workers which haven’t been paid, as well as given Saab the financial slack to pay some of its parts suppliers.
Swedish media are also reporting doubts the company will pull through, Svenska Dagbladet recently said that talks with Youngman were ongoing but a court-appointed administrator may decide to pull the pin on the timeframe given to Saab, pulling down the protection wall from creditors which have asked to put Saab into bankruptcy.
A formal decision from the Chinese government is expected to be made later this week. We’ll keep you updated.