Saab gets new CAD$497M bid from Youngman

Youngman has made another bid for bankrupt Saab, according to new reports. The Chinese automaker has offered to buy what's left of Saab for $497 million Canadian at current conversion rates. The news comes courtesy of Dagens Industri. The newspaper also indicates that's the absolute lowest the Swedish automaker's pledgees and real estate owners will accept to settle the company's impressive debt. The deal would also set aside an additional CAD$1.49 billion to restart production at the mothballed Trollhattan facility. Other foreign automakers are also vying over Saab's remains, including India's Mahindra & Mahindra.

Pang Da, meanwhile, seems to have no interest in continuing to pursue Saab. The company paid out around CAD$59.6 million for vehicles Saab was supposed to produce. That never happened, and now the Chinese company has had to undergo the unpleasant task of reporting that loss to its investors.

Saab reportedly owes around CAD$1.92 billion at the moment, and its assets are valued at under 25 per cent of that number.

News Source: The Local