Saab’s fate appears to be hanging by a thread despite finally receiving a cash infusion from a Chinese alliance looking to buy the struggling Swedish automaker.
Any decision on the fate of Saab has been delayed as the Swedish court that was scheduled to hear arguments over the company’s reorganization has temporarily put off a decision. No date has been set for a new hearing, Saab officials said. There had been pressure from Saab creditors – and its Swedish unions – to force the company into bankruptcy, which would likely have shut it down.
Meanwhile, Saab officials are growing slightly more confident about receiving final approval from the Chinese government for the deal that will allow an infusion of Chinese cash into the company. Last summer, dealer network Pang Da and automaker Zhejiang Youngman Lotus initially agreed to purchase a majority stake in Saab. They are now hoping to purchase the maker outright – but for barely a third of their original offer.