Saab Receives First Part of Youngman Loan, Expects the Rest by October 22

| |

Another day, another episode in the Saab rescue saga. Fortunately for the company's workers, the news is good this time.

Swedish Automobile N.V., the owner of Saab, announced on Thursday that it has received the first payment of a €70 million bridging loan from its Chinese partner Youngman, adding that the reorganization is proceeding as planned.

The company said that additional payments under the amended and final bridge loan agreements signed between Youngman and Saab Automobile on September 12 are expected to be made this week and by October 22.

"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," the company said in a statement.

This turn of events proves that Saab seems to have many more lives than anyone expected…