Ailing carmaker Saab has received a first payment from China's Zhejiang Youngman Lotus Automobile as it struggles to stay in business and faces a crucial court hearing on its future this week. A court is due to decide on Friday whether to keep Saab in a scheme which grants it protection from creditors while it secures itself a stable future. The administrator overseeing the scheme for the court has applied to have it ended.
In the meantime, Saab is trying to stay afloat, said Victor Muller, chief executive of Swedish Automobile, the Dutch firm which owns Saab. Youngman "paid 3.4 million euro today," Muller told Reuters in a telephone text message. "We are working on the documentation for further funding adequate to pay salaries and continue reorganisation."
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