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Saab Auto receives finance lifeline from Youngman

October 14, 2011 by Joey Wang

Swedish Automobile NV , owner of Saab Automobile AB, said Thursday it has received the first payment of EUR 11 million of a EUR70 million bridging loan from its Chinese partner Zhejiang Youngman Lotus Automobile Co., throwing a financial lifeline to the troubled car maker which is restructuring its operations under bankruptcy protection.

“We are now confident we have the money we need during the restructuring period,” said Gunilla Gustavs, spokeswoman at Saab Automobile.

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Geely: no interest in buying Saab

October 6, 2011 by Tycho de Feijter

Geely Automobile Holdings, a unit of Zhejiang Geely Holding Group Co., said Thursday it has no interest in acquiring Swedish car maker Saab Automobile in response to a newspaper report on the matter.

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Volvo owner Geely interested in Saab

October 6, 2011 by Tycho de Feijter

The owner of Volvo cars, China’s Geely , is interested in becoming the owner of struggling car maker Saab , Swedish daily Dagens Nyheter wrote on Thursday, citing an unnamed source with knowledge of the situation.

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