Saab owner Swedish Automobile could voluntarily liquidate even on the off-chance a currently proposed sale of the beleaguered brand to Chinese automakers Pang Da and Youngman goes through.
The $182 million raised by dealing Saab wouldn’t be enough to repay the company’s debts, putting “the future of [Swedish Automobile] and any settlement with stakeholders” into jeopardy, the company said.
While liquidation is a less than ideal outcome, the process will undoubtedly be less pleasant if the company is unable sell Saab; with the November 15 deadline for the deal with Pang Da and Youngman rapidly approaching, a sale is looking less and less likely.
Swedish Automobile will need to gain approval for the sale from the Chinese government, Swedish authorities and the European Investment Bank as well as appease General Motors, which has stated that the deal currently place is against the interests of its shareholders.
The company is presently engaged in talks with GM to gain the automaker’s endorsement for the deal.
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1.’Saab owner may…’ view
