Saab investors Pang Da and Youngman will hand over to NDRC the plan to acquire Saab over the next three weeks. This was reported yesterday by the China Car Times.
This is not new, as it was the last days in other publications from China. What is new, however, is the text that follows, showing us the problem unadorned.
If it does happen that Saab will have wages and salaries again in two weeks, then the Chinese can not help, the investment is considered failed. Saab would, according to the Chinese view of things, slip into liquidation. Because the hands are tied to the investors, and it is not allowed by the side of the administration to invest more funds. It gets even fatter for us. Pang Quinhua, CEO of Pang Da, said the NDRC audit would probably take two to three months, but could take even longer due to the Saab crisis.
Pang Qingnian, CEO of Youngman, said his company has a very low import quota, so he can not help Saab by buying more vehicles. But he is confident that Saab uses his various financing options to bridge the gap.
If approved by the NDRC, both companies would pay 245 million for just over 50% of Saab shares. Financing the development of three completely new Saab would also be assured.
The schedule sounds extremely bad. Submission of plans to the NDRC in August, decision in November or December. For optimists at the earliest in October. Start of production…. ? Pooh. 🙁
Is the thread from China mutating into a thread now?