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Viknesh Vijayenthiran

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Vik is an Editor at High Gear Media and contributor for a number of sites within the High Gear Media network. He was a co-founder of... More

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2008 Saab 9-3 Aero

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Saab miraculously managed to stave off bankruptcy yet again after receiving a last minute cash payment from Chinese investor Zhejian Youngman Lotus Automobile.

The payment, believed to be around $5 million, will be used to cover immediate tax expenses, Swedish business daily Dagens Industri first reported yesterday.

Saab spokesman Eric Geers has since confirmed to Reuters that a payment from Youngman had been received by the automaker, and also revealed that it's just the first of several more payments from the Chinese auto giant. A further $26 million is expected to be received on Wednesday to help pay outstanding wages and an additional $13 million is expected to come in before the end of the month.

An announcement on whether Saab will be allowed to remain under protection from its creditors during this reorganization phase is scheduled to be made by Swedish courts on Friday. Things aren’t looking too good, however, as the court-appointed administrator overseeing the reorganization process, Guy Lofalk, has applied to have it ended.

Saab’s parent company Swedish Automobile had hoped to sell the ailing automaker to a consortium of Chinese investors, of which Youngman is a member. However, the deal was knocked back by General Motors, which still has a number of shares with voting rights and is concerned about its own interests being negatively affected by the sale.

Saab remains in negotiations with Youngman and is awaiting Friday’s all-important court decision.

Stay tuned for an update but in the meantime click here to read our past coverage of Saab’s woes.