vendredi 2 septembre 2011

No danger of imminent bankruptcy for Saab according to Pang Da

CHINA'S Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co have not submitted an application to the Chinese government to inject much-needed funds in Saab, increasing fears that the Swedish carmaker may drive into bankruptcy due to a cash crunch.

In June, Pang Da and Youngman agreed to pay 245 million euros (US$352 million) for a combined 53.9 percent stake in Swedish Automobile NV, formerly known as Spyker, to help rescue its cash-stripped Saab auto unit.

Pang Qinghua, chairman of Pang Da, yesterday told Shanghai Daily that they have not submitted the application to the National Development and Reform Commission, China's top economic planning body. He did not give further details.

But he said Saab was not in danger of an imminent bankruptcy as its chief executive officer (Victor Muller ??) was in China yesterday to coordinate rescue efforts.

A Bloomberg News report quoted Pang Da's spokesman Wang Yin as saying Pang Da and Youngman may submit the application to inject funds in Saab to the NDRC in the next two weeks.

Phone calls to Pang Qingnian, chairman of Youngman, were not answered yesterday. The Pangs are not related.

Saab needs money urgently to pay overdue wages and avoid a collapse as two of its biggest unions announced on Monday that they would ask a court to declare the automaker bankrupt if the company failed to pay wages within 14 days.

Source : shangaidaily

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