China's Youngman has placed a fresh bid for Saab.China's Zhejiang Youngman Lotus Automobile has made a fresh bid to acquire Saab. Youngman, as you might recall, has already made several unsuccessful attempt to purchase the bankrupt automaker.
According to Bloomberg, Youngman recently placed a $552 million bid for Saab. The news comes just days after court-appointed administrators reportedly cut off the negotiating process with Youngman.
Saab's future has been in limbo for over a year now. The Swedish automaker was forced to halt production in March 2011 after it ran out of cash. Saab managed to keep its doors open for a few more months, but ultimately wound up filing for bankruptcy in December.
Youngman has made several attempts to buy Saab, include a bid in April for $473 million. However, former Saab owner General Motors has blocked all attempts, citing the potential for its technology to fall into the hands of Chinese competitors.
So far neither side has commented on the situation, but the ongoing Saab saga is expected to be resolved by the end of summer.