Saab Says First Youngman Payment Has Been Received

Recent media reports once again talked about doom and gloom for the Swedish automaker, but today Saab came out with a statement that suggests all is going according to plan. Swedish Automotive (Spyker without the car business) said today that it has received the first part of the €70 million bridging loan from its Chinese partner Youngman.
Still not out of the woods 1 photo
Photo: Saab
They did not however say how much they have banked, but according to the official statement, more payments are coming “during this week and by October 22 of this year.”

"It is the intention to repay the bridge loan with the proceeds of the EUR 245 million equity investments by Youngman and Pang Da, which are still subject to approval by relevant authorities and parties which Swan expects to receive during the next weeks,
" Saab adds.
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About the author: Mihnea Radu
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Mihnea's favorite cars have already been built, the so-called modern classics from the '80s and '90s. He also loves local car culture from all over the world, so don't be surprised to see him getting excited about weird Japanese imports, low-rider VWs out of Germany, replicas from Russia or LS swaps down in Florida.
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