A Chinese bank is in talks about taking a stake in Saab, in the latest attempt to rescue the crisis-hit Swedish car maker after an earlier deal to secure its future ran into trouble. Saab owner Swedish Automobile on Monday declined to name the bank it is talking to about a potential investment in Saab, which halted operations in April.
Chinese investors Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile, had agreed to invest in the car manufacturer, but the deal has encountered numerous problems. Swedish Automobile, whose shares were up 22 percent, said on Monday it was still in discussions with Youngman, but declined to say whether Pang Da was still involved.
Saab has been under court protection from creditors in Sweden since September after unions representing Saab employees began proceedings to put it into bankruptcy over unpaid wages. Swedish Automobile said on Monday the discussions included a short-term solution to enable Saab Automobile to pay the November wages and continue its reorganisation. Saab has lurched from crisis to crisis in the past year and has not produced any cars for several months as its main factory in Trollhattan, Sweden, has been shut because of unpaid salaries and bills.
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