UPDATE: Youngman still hoping to get parts of Saab image

Chinese car company Zhejiang Youngman Lotus Automobile hopes to salvage parts of bankrupt Saab, Swedish media announced.

Local newspapers placed the blame on General Motors, Saab’s former owner and holder of important technology licenses, which blocked the takeover of the company from China’s Youngman. The Chinese automaker said it is still interested in a deal, even after a court declared Saab bankrupt on Monday.

“I feel as if the discussions and plans that took place between the Saab management and Youngman may well be realized even at this stage, but excluding the technology that GM provides,” Youngman’s lawyer Johan Nylen told Reuters.

He added Youngman was interested in Saab’s “Phoenix” platform, which was supposed to be the base for the next generation of Saab cars. According to Saab’s CEO, GM provides only about 10 percent of the parts for the new platform, but Youngman plans to develop those parts on its own so that GM won’t have a reason to block this deal too.

“It will be done by developing the parts that GM provide in-house instead. Then it will be completely decoupled from GM,” Youngman’s lawyer said. He added that development of the platform by Youngman could take one or two years.