The accounts are empty, GM keeps saying no, the reconstruction administrator is about to pull the plug on Saab. Unfazed, The Church of The True Saab goes from clumsy spinning to simply telling lies. First, they turned “a bank in China” into “the Bank of China.” As Chinacartimes quips, this “could be anything from the smallest local city bank to a national level bank.”
Now, Saabsunited spins another yarn to keep the faithful from losing faith and face:
“Pang Da says that they are not out of the deal, on the contrary, they continue talks.”
Not true. Pang Da is not part of any deals and is in no talks. The alleged enthusiast blog, which in reality is an amateurishly run mouthpiece of Victor Muller and Vladimir Antonov, usually prides itself on inside knowledge (which is never released). This time, the information comes from Reuters.
According to this report, Pang Da is far from being part of the deal.
“In principle, we would not oppose any plan that would be good for Saab’s restructuring and help it out of the current plight.”
This in turn is pulled from a milquetoast statement Pang Da had posted on the Shanghai stock exchange late on Monday. Our sources in China say that Pang Da is out of the deal, but would not mind to be back in. We are told that the team that had led the negotiations between Pang Da and Saab has been reassigned to other jobs, ostensibly as part of a re-org at Pang Da. We are also told that a new team is being assembled. That’s it.
All the rah-rah about white knights du jour may keep the hopes up, but it does not help to keep the lights on at Saab. They are flickering.
- The money that is supposedly on the way from China has not arrived.
- GM, which needs to approve any deals involving its technology, has not changed its position, it hasn’t even seen a new deal, Sveriges Radio says. GM spokesman James Cain told the station: “As of today, there is no change. We haven’t changed our position on the matter.”
- Dagens Industri is not surprised. A source predicted that GM would turn down the deal, because it is just a diversion.
- Reconstruction administrator Guy Lofalk is unimpressed by any last minute deals and is ready to pull the plug. Lofalk told Dagens Industri: “We are at the end of the road. We would be happy if there would be other options. There just isn’t any money left.”