Zhejiang Youngman Lotus Automobile has put in a bid for the assets of bankrupt Saab Automobile and is prepared to invest SKR12bn (EUR1.36bn) in new car models, its founder had said.
Pang Qingnian, interviewed by Swedish paper Svenska Dagbladet, said the company placed a bid for the assets in Saab Automobile on 14 February, according to Dow Jones. He didn’t comment on how much Youngman is prepared to pay for Saab but paper sources said the bid is for SEK2bn.
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The receivers in charge of Swedish car maker Saab Automobile’s bankruptcy had earlier confirmed they had received some bids for the company’s estate, one of which is from the Chinese carmaker.
Dow Jones noted that Youngman was one of the Chinese investors that stepped forward to rescue struggling Saab when it ran out of cash last year and was forced to seek court protection from creditors.
But General Motors refused to license the technology which provides the basis for Saab’s existing models to any purchaser likely to compete head-to-head with it in China where the group is a major player. Saab Auto filed for bankruptcy last December.
Pang said that Youngman has taken a great risk when it comes to Saab Auto and that the Chinese company had already invested EUR47m in the company. “This is money we stand to loose,” said Pang.
