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  • William Maley
    William Maley

    By William Maley •

    Saab Gets Two Lifelines

    William Maley

    Editor/Reporter - CheersandGears.com

    December 14, 2011

    Last time on the story of Saab; Guy Lofalk, the court-appointed administrator of Saab’s voluntary reorganization filed paperwork to end the reorganization and the Swedish courts would make decision this Friday. But like all other times, Saab has found a lifeline to keep them afloat. This time, Saab has found two.

    Lifeline #1 comes from Youngman Automotive who sent Saab 3.45 million Euros (about $5 million U.S. dollars) to cover immediate tax expenses this week. But that's not all; Youngman is promising a further $26.4 million payment this week to cover unpaid salaries and $13.2 million more by the end of December.

    Lifeline #2 comes from Swedish courts. Originally, the Court told Saab they had until tomorrow to present a case on why the court should continue the voluntary reorganization. Well, the Court has moved the hearing to next week.

    Source: Reuters, Left Lane News

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