Saab says it has received the first tranche from Chinese manufacturer Youngman of a bridge loan that is eventually slated to reach EUR70m (US$96m).

A statement from Saab this morning (13 October) noted: "Further payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile are expected to be made during this week and by 22 October.

"It is the intention to repay the bridge loan with the proceeds of the EUR245m equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks."