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Call it an eleventh hour gift or a last chance, but Saab has announced it has just received a $5 million payment from China's Youngman Lotus Automobile, ahead of the court meeting that will address the restructuring process.
The money will be used to cover some quick tax charges, according to Automotive News. A further EUR20 million will be provided most likely today to cover unpaid salaries.
"I can confirm a first payment from Youngman. Funding has come into Saab accounts," Eric Geers, Saab spokesman, said today. "Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganization."
Even with the cash starting to come in, Saab faces so many problems right now that one wrong move could cost them dearly.
"I can confirm a first payment from Youngman. Funding has come into Saab accounts," Eric Geers, Saab spokesman, said today. "Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganization."
Even with the cash starting to come in, Saab faces so many problems right now that one wrong move could cost them dearly.
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