Saab Gets $470 Million Bid From Youngman

Youngman has put in a bid for Saab for 3.2 billion kronor ($470 million). According to a source talking to Swedish business newspaper Dagens Industri, "That's the lowest price that the major pledgees and real estate owners will accept to settle their pledges and their property." Saab has not yet accepted the bid. 

Youngman has promised to invest 10 billion kronor ($1.4 billion) to reopen the Saab factory in Trollhatten that has been unused for the last several months. 

This is not the final bid for Saab. Mahindra & Mahindra still is negotiating with the bankruptcy firm, but it has also put in a bid for a undisclosed amount. 

Saab's bankruptcy hurt Chinese automaker Pang Da as well. Saab had promised to build cars for Pang Da in exchange for a $59 million advance. However, Saab was unable to build the cars and Pand Da's earnings dropped 43% in 2011. 

Youngman's bid is less than Saab's $534 million in declared assets, although it also has $1.928 billion in debts. 

Source: Autoblog and The Local

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