The Swedish Court, on Wednesday has postponed until next week the decision whether Saab Automobile AB will retain its creditor protection, giving the troubled Swedish carmaker more time to finalize a funding deal with its Chinese partner.
Saab said Tuesday it has received a first payment from its Chinese partner Zhejiang Youngman Lotus Automobile Co. Ltd, and talks to secure further funding continue.
“We are working very hard to secure the rest of the money,” said Eric Geers, spokesman at Saab Automobile.
According to CEO Victor Muller, the sum that Youngman transferred to Saab is significantly higher than the 3.4 million kronor ($496,000) Saab needed for immediate payment of taxes and fees.
However, the Dutch financial market regulator Monday halted trading in shares of Swedish carmaker Saab’s parent company.
The Netherlands’ Financial Market Authority did not specify a reason for halting trade in the stock of Swedish Automobile N.V., though shares in the company had fallen more than 19 percent before trading was halted at (EURO)0.21 ($0.28).
Youngman is determined to secure a stake of Saab, but its attempts have so far been blocked by General Motors, who owns much of the technology used to produce Saab’s current vehicles, which believes the sale would hurt its competitiveness in China.