Pursuits
Saab Auto Clinches 610 Million-Euro Lifeline From China Suitors
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The two Chinese companies that plan to buy Saab Automobile pledged to invest 610 million euros ($844 million) in the Swedish carmaker, prompting a court to extend the manufacturer’s protection against creditors.
Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile will also provide an immediate 50 million-euro bridge loan to help debt-laden Saab survive as it reorganizes, Guy Lofalk, the attorney overseeing the program, said in Vaenersborg District Court yesterday. Saab’s owner, Swedish Automobile NA, said separately that about 500 jobs will be cut.