AM Online

Saab survival saga continues as funds are secured to pay wages

Saab has received its first payment from Chinese investor Zhejiang Youngman Lotus Automobile which will cover its wage payment costs.

The funding could give the brand more time to reorganise.

Saab has until Friday before the Swedish court decides whether it will end the brand's protection from bankruptcy or if it will allow it to continue to reorganise the business so it can be sold to Chinese investors.

Swedish business newspaper Dagens Industri is reporting that Youngman has given Saab £3.2 million to cover immediate tax costs, with a further £17m to come on December 21 to cover unpaid wage costs and then a further £8.4m before the end of the year.

Saab GB, the UK's national sales company for the Swedish brand, went into administration at the end of November.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment


No comments have been made yet.