Tuesday, 30 August 2011

Saab holding out for new short-term cash injection

Ever since departing from GM two years ago, Saab has been fighting for survival due to the lack of capitol. Unlike previous rounds, this time, the Swedish brand really is in live or die mode as it actively seeks short-term funding to restart production.

Previously, Saab struggled to pay its employees and suppliers, and still believes it will live on. Saab's Chairman, Victor Muller said it's even mulling a possible shake-up to defend itself from creditors looking to get their hands on assets.

“We will not rule out anything,” Muller said. “We are focused on a solution, and if the collection agency moves forward we have to protect ourselves.”

The current goal for Saab is to live on and keep things ticking over until funding can be guaranteed through a deal already signed with Chinese car distributor, Pang Da Automobile Trade Co., which is set to end in mid-October.

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