Time running out for Saab?


Saab could be declared bankrupt as early as tonight if a last-gasp move to save the troubled company is rejected.

The car maker, which is under control of the courts in Sweden, has been looking for new investors for the past few months in its efforts to avoid collapse but the latest neogtiations with Chinese company, Youngman, look to be on the brink of failure.
Saab was relying on a bridging loan of around £61m from Youngman that would have helped ensure survival in the short-term. However, according to Swedish newspaper, Svenska Dagbladet, the company administrator could ask a court to end Saab's protection from creditors today.

The deal looks to have stalled because the agreement does not include any new intellectual property rights, something that the Chinese Government, which has to agree to further loans, is not happy with.

With the Swedish Goverrnment refusing to bail out Saab, time is fast running out.
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