In an effort to solve its long-term cash needs, the company this summer signed agreements with Chinese companies Pang Da Automobile Trade Co. Ltd. and Youngman Automotive Group Co. Ltd. But the deals still await regulatory approval in China and Sweden, so Saab hasn't yet received any cash.
Both companies supported the voluntary reorganization, said Victor Muller, chief executive and chairman of Saab Automobile and chief executive of parent Swedish Automobile. Youngman declined to comment. Pang Da was preparing a statement to release to the Shanghai stock exchange "very soon," a spokeswoman said.
"We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared,"
No comments:
Post a Comment