Saab escapes bankruptcy as Chinese firms take over

[Zorro]

Source: AFP

Beleaguered Saab appears to once again have narrowly avoided bankruptcy, announcing on Friday that two Chinese companies will buy it for 100 million euros ($142 million), making it the second Swedish carmaker after Volvo to take the road to China.

"After the better part of seven months of agony for the company we have come to a point where we can proudly say that we made it," Saab's chief executive Victor Muller, who has been scrambling for months to secure enough funding to keep the company afloat, told a conference call from Amsterdam.

His comments came after Saab's Dutch parent company Swedish Automobile (Swan), also headed by Muller, announced Chinese companies Youngman and Pang Da had agreed to buy the struggling carmaker for 100 million euros.

The deal, which still requires approval from a long line of interested parties, follows numerous other funding attempts to keep Saab going, including an agreement in July with the same two Chinese companies that earlier this week appeared to have fallen through.


Read more: http://news.yahoo.com/saab-escapes-bankruptcy-chinese-firms-over-152114364.html

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Saab has more lives than a cat.

[Scott the Accountant]

1. MotorWeek...

...just did a complete hatchet job on the new 9-5.

General Motors bean countered Saab (as it always does) to death. At least BMW is still family owned and still has its soul, sort of.

[Little Tich]

2. This is good news indeed, and it's the best that could happen under the current circumstances.

The chinese were eger to buy Saab, but they didn't want Muller in the company. Many people in Sweden don't like Muller, who has a checkered past and an unorthodox leadership style. The times ahead will be tough, but the worst crisis is over.

[msongs]

3. Saab makes war planes. nt

[Jeroen]

4. Defence and security company Saab AB

Defence and security company Saab AB and the car manufacturer, Saab Automobile AB, are two different companies with unrelated ownership structures.
http://www.saabgroup.com/en/

[AverageJoe90]

5. This is quite sad indeed.......

The only other question is, 'Who's Next?'

Also, I can guarantee that if Volvo ever does become fully Chinese owned and operated, you can kiss the marque's reputation for solid reliability GONE one of these days. =(