Zhejiang Youngman Lotus Automobile has been jettisoned from the dwindling pool of bidders for Saab after tendering an offer of $492 million for the whole kaboodle. Exact reasons weren't given for Youngman leaving the table, but according to a report in Autoweek.nl, "Chinese bureaucracy" was partially to blame and there apparently wasn't complete confidence in the Chinese company's finances.
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 $470 million 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 $1.47 billion to restart production at the mothballed Trollhattan
The future of Saab could be electric! If it has a future, that is. The Swedish firm famously filed for bankruptcy last December and since then, the saga to save the company has turned into a struggle to revive it. One of the biggest obstacles, it seems, is General Motor's unwillingness to allow the technology it licensed to Trollhatten to be transferred to new owners. At least, new owners from China. Yes, it's a real sob (sorry about that) story.