Saabs’ last chance was to acquire $782 million in loans fromthe Chinese company, Zheijang Youngman Lotus Automotive, but General Motorsdenied the deal. GM was a former owner,but still had a say in the deal because they supply parts to Saab. Speculation was that GM objected to the loanbecause they worried that some of their technology would end up in Chinese competitors’hands. However, GM came out and saidthat they were against the deal because it was, “not meaningful different,” fromprevious offers. GM sold Saab to Swedish Automotive back in 2010. Swedish Automotive is a Dutch company, whichis not at all confusing. Saab did getsome funding back in June from a couple of Chinese companies, but they blewthrough that cash faster than my girlfriend spends her paycheck on BlackFriday.
There is still a slight chance that Saab will stillexist. A new buyer could swoop in andbuy the remaining assets. So, if you andyour friends have some extra cash lying around, feel free to group the cashtogether and go “Dutch” on the car company.
