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Mystery Chinese Buyer Orders 582 Saabs, Helps Stave Off Bankruptcy

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2010 Saab 9-5

2010 Saab 9-5



Late last week it was revealed that Saab couldn’t afford to pay its workers’ salaries and without any hope of a sudden inflow of cash would be forced into bankruptcy. Now, just several days on since that grim report it has been revealed that yet another Chinese party, this time undisclosed, has put in an order for 582 Saab cars and will forward a pre-payment of $18.4 million for them by the end of this week.

"I am pleased to announce this agreement as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees' wages before the end of this month," said Victor Muller, the CEO of Swedish Automobile, Saab’s parent company.

Muller also revealed that Swedish Automobile, formerly known as Spyker, was still looking to secure additional short-term funding in order to pay Saab's suppliers. It is believed that Swedish real estate firm Hemfosa is also prepared to buy and lease-back to Saab land that the automaker currently owns, though the final details are yet to be ironed out.

Saab also has two tentative deals with two known Chinese firms, fellow automaker Zhejian Youngman Lotus Automobile and dealer group Pang Da Automobile.

Production at Saab’s main plant in Trollhattan, Sweden has been on and off for the past several months as the automaker struggles to keep up with its bills.

[Reuters]
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Comments (5)
  1. If this Company makes it back from all this then they indeed will be a car company to recon with. Keep fighting on Saab!
     
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  2. Phew....I didn't see that one coming
     
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  3. God bless whoever it is that placed the order.. He/She/They really appreciate what SAAB is... All the best SAAB!!
     
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  4. I am glad that Saab can keep on the fight for they have always produced good quality vehicles. Some American manufacturers would benefit from some good-will-deep-pocket Chinese customers as well. Not so sure whether they deserve such good luck or not.
     
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  5. This is a tough one to get behind. I dont know how I feel about it. I am however glad that the workers are getting paid.
     
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    Bad stuff?

 

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