The death knell for Saab has been proclaimed more times in the last year than a ‘journey’ from an X Factor contestant. But, according to the Swedish Court appointed administrator for Saab - Guy Lofalk - the game is over.
As we reported yesterday, Victor Muller has put together a re-cobbled deal with the Chinese to persuade GM that their technology is in safe hands. The deal involved a Chinese Bank (possibly Bank of China), Swan (the owners of Saab) and Youngman. Pang Da seemed to have left the equation.
But despite promises that Youngman would supply enough funding yesterday to pay outstanding wages and salaries at Saab, that has happened. Guy Lofalk also says that the re-constructed deal is still not acceptable to GM and that there is no money to proceed with a reconstruction of Saab. GM spokesman spokesman James Cain said ‘All our decisions based on what is best for GM’s shareholders…nothing has happened that has made us change our position’.
It also appears that unions representing Saab employees has now officially demanded payment of the outstanding salaries which, if they are not paid within seven days, will trigger the end of the court administration of Saab and its bankruptcy.
Does Houdini Muller have any tricks left?