In a further blow to beleaguered Saab, its Chinese investment partners are attempting to scale down their investments.
In a statement Saab confirmed that a new offer, constituting a direct purchase of the shares of Saab Automobile AB and Saab Great Britain Ltd, was made by Pang Da and Youngman.
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The parties made the offer during discussions with Swan, referring to changed circumstances since July 2011 when the subscription agreement was signed. Swan declined this offer. Swan has requested confirmation from Pang Da and Youngman that they ‘are able and willing to consummate the agreements that are signed’.
Saab said that that confirmation has not been received to date and that further discussions are ongoing.
The news that Saab’s Chinese investors want to revise their agreements with Saab follows the administrator’s application to terminate the voluntary reorganisation process with the District Court in Vänersborg, Sweden.
Saab has until 27 October 2011 to reply. The court has informed Saab Automobile that it shall decide on this case on 28 October 2011.
Saab also said that the current developments ‘do not influence the validity of the offer of North Street Capital LP’. North Street said that it would inject US$70m into Saab, mainly in the form of a loan.
