The latest deal to save Saab still involves Rachel Pang and Zhejiang Youngman Lotus Automobile.
Chinese Youngman will guarantee the loan in the Chinese bank and will in return get convertible preferred shares in Saab. These are shares that do not give the holder any influence on the company, but which after a predetermined time can be turned into ordinary shares in the common stock. One can imagine that the redemption date can be around 5 years from now, when Saab no longer will depend on General Motors (GM) unique technology.
To date, GM has been against any deal where a Chinese company owns any part in SAAB. Apparently, their current agreements with Chinese companies would cause a conflict since much of the current SAAB technology is owned by GM. In any event, there is a glimmer of hope that this latest possibility will become reality. I certainly hope so!
The latest deal to save Saab by www.lifewithsaab.com
We at Saab intend to survive by Swade
Saab gets 11th hour payment from China’s Youngman by Reuters
Youngman Lotus Lends Saab Helping Hand, Sends Infusion of Cash by Automobile Magazine