Saab May Still Face Liquidation
Even with the sale of Swedish auto maker Saab to Chinese investors, the company may still face a liquidation of their assets.
If all goes as plan, Saab will soon be the beneficiary of $181 million dollars US, after a sales goes through to Zheijang Youngman, Lotus Automobile, and Pang Da Automobile Trade Co. However, Saab still owes over $188 million US to their creditors. According to Bloomberg, Swedish Automobile could be forced to liquidate.
Saab still has money to make, with many dealerships across the US and Canada in business. Saab is also waiting on funds from the sale of company shares to Spyker.
“Private equity of firm North Street Capital LP has made an agreement to purchase Spyker for 32 million euros, which is translated into 42 million U.S. dollars,” according to Bloomberg and Automotive Discovery.
Saab is not out of the fire yet.
Source: Automotive Discovery
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