Saab saved again in last moment, gets money from Youngman image

Ailing Swedish automaker Saab said hours ago that the company has received a first payment from China’s Zhejiang Youngman Lotus Automobile.

The announcement comes just one day after the Dutch financial market regulator halted trading in shares of Swedish carmaker Saab’s parent company.

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.

“Co-financing has been transferred. Saab confirms that the first payment, the funding promised by Youngman, have now been transferred to the company’s account.

Efforts to secure the rest of the funding required to pay salaries and continue the reconstruction is moving progressively forward.”

”Youngman transferred more than € 3.4 million to us,” Muller told local paper TTELA, adding that the payment is a ”good sign”.

Dagens Industri newspaper reports that Youngman, which wants to get a stake in Saab, has given the Swedish firm $5 million to cover immediate tax expenses.

Last week a court-appointed administrator asked the court to declare the company bankrupt and a verdict is expected to be delivered by the end of the week.

Production has been suspended at Saab’s main plant in Trollhattan, Sweden, since April. Employees have not been paid since last month.