Detroit Bureau on Twitter

Posts Tagged ‘saab zhejiang youngmen lotus’

Saab Wrangles a Reprieve

Swedish courts give it a chance to complete Chinese deal.

by on Dec.16, 2011

Saab's North American chief Tim Colbeck tells suppliers the maker has won at least a temporary reprieve.

It’s proving a lot more risky than most folks might have anticipated to bet against the struggling Swedish automaker Saab.  Just ask administrator Guy Lofalk.

Barely a week ago, he had recommended that the courts end Saab’s voluntary reorganization, which would have meant the collapse of the company, which has been struggling to find investors – or a buyer – since last spring.  Instead, Lofalk has been fired and replaced with what appears to be a more willing administrator while Saab itself will have some more time to pull together a deal, according to an e-mail sent by Saab Cars North America President Tim Colbeck to suppliers.

Upgrade Your Insight!

“There was positive progress in the negotiation” with Chinese carmaker Zhejiang Youngman Lotus, the executive reported, adding that Victor Muller, Saab’s global chairman, “remained optimistic an agreement would be reached in the short term.”