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Saab funding from China likely delayed. Gets loan from North Street Capital

Thu, 20 Oct 2011

Saab gets funds from North Street Capital

Last week we had Saab and their Chinese ‘backers’ getting in a bit of a muddle over funding. Which is what we’ve come to expect.

Saab were adamant that the quote attributed to the Pangda Chairman that the Saab deal was no longer valid was a ‘misunderstanding’.

And Saab were at pains to point out that they’d actually received the first installment of the bridging money from Pang Da and Youngman, and they reassured the Swedish Courts – under whose protection they are now attempting to reorganise their finances – that the rest of the money would arrive by 22nd October.

That statement was enough to stop the court from pulling the plug on Saab and letting the wolves in to feast. But it appears it may have been a little disingenuous of Saab to make such a statement, as they’ve now turned that statement on its head by revealing today that:

“…it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011.”

This news from Saab is prefaced with the revelation that Saab has managed to tap North Street Capital up for a loan and a tranche of shares to fund their ‘reorganisation’. Interesting. Especially as it’s North Street Capital who recently signed a deal to buy Spyker from under the noses of CPP.

This latest bit of Houdini funding acquired by Victor Muller takes the form of:

We’re not sure if this agreement has been seen and approved by the Swedish Courts, the Swedish Debt Office and the EIB, so it wouldn’t surprise us to see it being blocked once the news filters out.

And the beat goes on, and on, and on….

By Cars UK