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Old 13th December 2011
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Post Saab gets lifeline payment from Youngman

Filed under: China, Europe, Government/Legal, Plants/Manufacturing, Saab



Just when you thought the lights were dimming for good over at Saab, the Swedish automaker gets a(nother) lifeline. Reuters reports the company has received a last-minute payment from Chinese partner Youngman. A Swedish daily newspaper has said Youngman handed over around $5 million to cover tax expenses and that a further payment of $26.43 million is scheduled to show up on December 14 to take care of unpaid salaries. Youngman will reportedly also pay Saab a further $13.18 million by the end of the year.

It's unclear whether the cash infusion will persuade Swedish courts to continue to protect Saab from creditors seeking payment from the ailing automaker. Saab has enjoyed government protection since finances dried up earlier this year, and the courts are set to rule on whether or not that protection should continue on Friday.

An administrator within Saab has applied to have the company's creditor protection removed on the grounds that the automaker no longer has any funds. Saab has responded by requesting that said administrator be removed from the proceedings. The courts are set to hand down a ruling one way or the other on December 16.Saab gets lifeline payment from Youngman originally appeared on Autoblog on Tue, 13 Dec 2011 10:19:00 EST. Please see our terms for use of feeds.



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  #2  
Old 13th December 2011
lexington01 lexington01 is offline
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You have GOT to be kidding me. I don't know what to say.
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  #3  
Old 13th December 2011
dorourke07 dorourke07 is offline
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Yes Virginia, there is a Santa Claus....
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Old 13th December 2011
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So what happened to GM opposing this?
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Old 13th December 2011
TunnanXWD TunnanXWD is offline
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Victor had apparently elected to defy Swedish law that forbids the creation of additional debt while under restructuring.

It's not GM, he is thumbing his nose at the Swedish legal system.

He was warned about this before. This payment was to pay tax debt possibly on those 25 to 50 cars they built a few weeks ago?
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Old 13th December 2011
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That debt was supposedly incurred by Lofalk (the administrator) who spent millions on traveling, an external PR firm (who did absolutely nothing) and so on.

But who knows. Hopefully when all is said and done the whole truth will come to light.
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Old 13th December 2011
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payoff money for bernie m. muller

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Old 13th December 2011
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Quote:
Originally Posted by dorourke07 View Post
yes virginia, there is a santa claus....
lmfao @ ^^^^
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Old 13th December 2011
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Default From reuters, lmao

(insert ymca music here...)

Youngman, opportunity knocks.
I said, Youngman, SAAB is up on the block.
I said, Youngman, GM's not interested in talks
When it comes to selling their share.

Youngman, SAAB is now up for sale.
I said, Youngman, investors are starting to bail.
You can buy them and I'm sure you will find
Many ways to rip-off patents.

It's fun to post on these S.A.A.B. threads
It's fun to post on these S.A.A.B. threads
They have everything for you men to enjoy,
You can hang out with all the boys ...
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Old 13th December 2011
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^ ^

haha, very clever

have another
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  #11  
Old 13th December 2011
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I hope no one here is as narrow minded as those at SU and realize how pathetic it is to need a few million dollars that bad. I've had a bad feeling about Muller for a very long time.
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Old 13th December 2011
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That was funny as hell.

I needed a good laugh, sincerest thanks. Such talent among us, whooda thunk it?

Who is this Roy Ters guy?
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Old 13th December 2011
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Talk about "Chinese Water Torture" for Saab
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Old 14th December 2011
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Quote:
Originally Posted by 96mn12 View Post
(insert ymca music here...)

Youngman, opportunity knocks.
I said, Youngman, SAAB is up on the block.
I said, Youngman, GM's not interested in talks
When it comes to selling their share.

Youngman, SAAB is now up for sale.
I said, Youngman, investors are starting to bail.
You can buy them and I'm sure you will find
Many ways to rip-off patents.

It's fun to post on these S.A.A.B. threads
It's fun to post on these S.A.A.B. threads
They have everything for you men to enjoy,
You can hang out with all the boys ...
Niiiiccce
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  #15  
Old 14th December 2011
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Quote:
Originally Posted by TunnanXWD View Post
Who is this Roy Ters guy?
now Thats funny...

Roy Ters

Classic!

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  #16  
Old 14th December 2011
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Quote:
Originally Posted by saabhutter View Post
I hope no one here is as narrow minded as those at SU and realize how pathetic it is to need a few million dollars that bad. I've had a bad feeling about Muller for a very long time.
I think you can definitely say you're in a long relationship when you can make fun of your car and not be a pathetic naive dweeb like at SU thinking muller is the next savior of your car maker...

Like everything and everyone else, its a love hate relationship... you love to hate

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