Near Collapse: Potential Saab saviour gets good signs

STOCKHOLM: Chinese carmaker Zhejiang Youngman Lotus Automobile said it was getting positive signs from authorities in Beijing about its plans to invest in cash-strapped Saab, a Swedish daily reported on Saturday. Youngman and Chinese car company Pangda Automobile Trade Company are seeking approval from China’s authorities to invest 245 million euros in Saab, now owned by Swedish Automobile. The ailing carmaker, which has not paid August wages and whose bills from suppliers have been piling up, was pushed closer to collapse this week after a Swedish court rejected its application for protection from creditors.

Published in The Express Tribune, September 11^th, 2011.