Pang Da, Youngman said that the equity agreement with Saab owner was still valid

Article by Christian Andrei, on October 25, 2011

Although Swedish Automobile, Saab owner, announced yesterday that it terminated the investment deal with Pang Da and Youngman, today the Chinese companies said that their equity agreement was still valid. Say what? Apparently, the Chinese companies said that they will honor their equity investment obligations.

Moreover, Pang Da said it had never signed any bridge financing pact with Saab's owner, while Youngman said that it already paid an $11 million bridge loan to Saab in line with an earlier agreement.

"The company has been exploring various options favorable to Saab during its restructuring process. But, before any new agreement is reached between the parties, we think the previous pact remains legally binding," Pang Da said on Tuesday. For those who don’t know, Pang Da and Youngman agreed to purchase a 53.9 percent stake in Swedish Automobile for a combined 245 million euros ($340 million).

According to Swedish Automobile, the Chinese companies failed to confirm their commitments. Youngman promised 70 million euros in bridge financing, but only a part of these money were received. "Just as we have indicated to Swedish Auto and Saab many a time, we are willing to continue helping Saab (and to) provide short-term and mid-to-long term funds through other means," said Youngman.

Saab 9-5 - the latest vehicle from the Swedish carmaker

New Saab 9-5 Sedan is sophisticated, sleek and is every inch a Saab. The 9-5 Sedan represents a new era for the brand. It has progressive and confident designs, as well as advanced technology. It brings a fresh choice to the premium car segment as soon as it hits the market in 2010.

The sculpted and clean shape follows the pure philosophy of Scandinavian design, while the dramatic wraparound window design elements speak of Saab's aviation heritage. It has styling that is strongly inspired by the Saab Aero X Concept car as well as a sporty and low stance. These signal the use of a new expressive and bold design philosophy.

There is also a variety of high technology features that you can find on the Saab 9-5, including the adaptive bi-xenon Smart Beam headlights, the head-up information display that looks like it belongs in an aircraft, the Saab DriveSense chassis with adaptive damping control, adaptive cruise control, two-zone climate control, keyless entry and keyless starting, parking assistance, and Saab’s industry-leading all-wheel-drive system called the Saab XWD with eLSD.

There are a lot of choices for the all-turbo powertrain, which continues the brand’s rightsizing engine strategy that puts the focus on the development of very efficient four cylinder turbo engines to improve performance. You can choose from three fuels: E85 bioethanol, petrol, and diesel. Using diesel, the new 9-5 gives very low CO2 emissions at only 139 g/km.

Saab Automobile managing director Jan- Åke Jonsson says that the 9-5 is the start of a new era for Saab, where they created a very distinctive and advanced product by using their strengths in different areas such as in Scandinavian design, responsible engine performance, and sporty driving experience. The new 9-5, like every other Saab vehicles in the future, delivers on all three aspects.

Topics: saab, investment

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