SWEDEN: Youngman lawyers confident of seeing off other bidders as Saab decision looms
Lawyers acting for Chinese manufacturer Youngman, say they do not view other potential Saab purchasers as 'serious competitors' ahead of a looming decision from receivers handling the automaker's bankruptcy.
Youngman's Saab project director Rachel Pang is due "within the hour" (31 January) at lawyers Baker & McKenzie's Stockholm offices to discuss the latest Saab situation.
Pang landed in Stockholm last night with the Youngman lawyers confident of their client's suitability for any Saab takeover, including finding a solution around former owner General Motors' objections concerning licences and control change.
"I would not consider anyone else as a serious competitor really," Baker & McKenzie China desk international partner Johan Nylen told just-auto from Stockholm, adding there were "alternative solutions" if GM raised objections once more. "If we can't accomplish it, we have a fall-back scenario," said Nylen, although details are not yet available.
"They [Youngman] stay as long as necessary, but as least a week. Rachel Pang will be in my office within one hour. The week will include meetings with a significant amount of people and organisations that are central to a restart of production in Trollhattan."
Nylen added the next step would be "final negotiations" with Saab's receivers that the law firm wanted to happen as rapidly as possible.
"Ideally, we would start the discussions right now," he said.
Other parties potentially interested in the bankrupt automaker, include Turkish private equity company, Brightwell Holdings and Indian manufacturer, Mahindra & Mahindra.
Nylen highlighted to just-auto the sensitive nature of the discussions, but said further details could be unveiled later this week.
A press conference was held this morning in Sweden by receivers handling Saab's bankruptcy, but no further concrete information appears to have emerged.