Chinese manufacturer Youngman says it is confident it will secure provincial approval for its investment plan in stricken Saab tomorrow (13 September) with a potential green light from Beijing following in 30 days.
Saab is reeling from last week’s decision to refuse its reorganisation request and is due to submit an appeal today at which it is expected the Court will hear further reasons to grant Saab protection.
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“Tomorrow hopefully, we will have approval from the provincial level,” Youngman board executive director Rachel Pang told just-auto from China. “Tomorrow afternoon we will have people bring the documents flying to Beijing and start approval from the National Development and Reform Commission – normally it is just over 30 days to get approval.
“We get a lot of confident feedback from the provincial [level] – national level and us have quite a lot of meetings and discussions. Youngman and [distributor] Pang Da will do whatever we can to save Saab. We think if Saab has the chance to survive, then we are very confident as we have already made a very good plan.”
What is unclear however, apart from the outcome of Saab’s reorganisation appeal, is the next step the automaker’s main unions will take.
Saab staff have gone unpaid for August and with September’s salaries looming large in two weeks, union members may decide to press for a bankruptcy claim, while its suppliers are still owed considerable amounts.
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