Saab saga takes another twist
Is Saab to be saved again? After Autoblog reported that a rescuing takeover bid by Chinese auto dealer, Pang Da was void, the Chinese firm is confident that the planned $210 million investment to save Saab will go through.
Talking to news agency Reuters, Chairman Pang Qinghua clarified his original remarks indicating that the deal would be blocked, highlighting "that during restructuring, the court is authorised to adapt any restructuring plans, including vetoing previous agreements," but that the deal is still on.
The latest twist in the Saab saga comes after months of uncertainty surrounding the Swedish firm.
Back in April 2011 the factory underwent a prolonged shutdown period after it was reported Saab did not have funds to pay its creditors. Things haven't improved since with the brand experiencing prolonged financial trouble.
The joint investment with Zhejiang Youngman Lotus Automobile was allegedly withdrawn after Saab filed for bankruptcy protection for the third time in three years last month.
This meant the Chinese Government wasn't approached about ratifying the deal.
Swedish Automobile M.V., the company that own the Saab brand, have since replied to claims the deal would be blocked highlighting the partnership would forge on:
"Saab Automobile and Pang Da have taken notice of media reports questioning the validity of the partnership agreements between Saab Automobile and Pang Da after Saab Automobile entered into voluntary re-organisation. Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."
The latest statement comes after a surprise announcement by the Chinese Government yesterday in that it was unlikely to ratify a takeover bid for Saab as the acquisition of the company does not include any intellectual property rights.
Saab's situation still appears as clear as mud then. And with so many complicated clauses still to be clarified, the circumstances surrounding the takeover of Saab don't look set to unravel themselves anytime soon.