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Chinese company, Youngman gives up its quest to buy the bankrupt carcass of Saab automobile

Wednesday, 23 May 2012
The Chinese company, Youngman that have been running after the Swedish automaker, Saab automobile before it even went to bankruptcy is said to no longer be involved in the process to buy the bankrupt company. The negotiations with the administrators have been stopped, said a source involved in the process according to Swedish media reports.

The reasons being cited are that the managers feel uncertain about the payments that are controlled by the Chinese bureaucracy. Instead, another Chinese group, called electric vehicle consortium, have made great progress in the negotiations.

The one of the administration official Hans Bergquist would neither confirm nor deny reports that Youngman was out of the game.
“We do not comment on the sales process,” he said. As such “We will not say if any new interest has emerged in recent times but we continue with our efforts. We have entered a critical phase.”

Previously, the administrators had a view to having a deal done before the summer, without giving any exact time. Now there are reports that a contract could be out next week.

“At this stage when we are approaching the timetable we have set ourselves it must work under discretion. So I can not comment on the matter any more,” says Hans Bergquist.

The Swedish government is applying for EU money to help those made redundant in Saab bankruptcy. This is Skr98 million, half of the money will come from the Swedish government since requires co-financing. The money will help the 1350 people for training, relocation allowances and start-up grant. A thousand have already been successful in finding new jobs, but most of the factory car builders are still standing without anything or offers.

“They have had it most difficult to move forward,” says Labour Minister Hillevi Engstrom.
It is the European Commission to determine whether the aid would be granted.
By Team

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