The agreement between Swedish Automobile (SWAN), Pang Da and Youngman as well as the agreement to provide a brigde funding from 13.10.2011 is history. The reason described in Saabs press release is simple. Pang Da and Youngman "failed to confirm their commitment" to the agreement. The news came after an earlier news that Pang Da and Youngman offered 22M€ for 100% of Saab on Wednesday 19.10.2011, which is by far an undervalued offer.
Inthe middle of these turbulences Saab announced, that it got another commitment for funding from North Street Capital for 60M$.
Saab has another roller coaster passage behind and for sure another coming very soon. Saab is still in the reconstruction phase, which is at the moment filed to be stopped by the administrator of the reconstruction Guy Lofalk. He describes in an recent interview what happened. Saab has a few days time to react and the court will decide until end of October.
As the situation became more and more unclear. Sad.
UPDATE : next part of the development can be found here
Sunday, 23 October 2011
SAABs game with Pang Da and Youngman is over
Posted on 15:51 by Unknown
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