The Church of The True Saab reports rather breathlessly that a YADTFSS (yet another deal to finally save Saab) has been found. The organ that prides itself to have knowledge of insider information (which it usually never releases) relies on Sweden’s TTELA, which says (translation courtesy Church of The True Saab : )
“According to information available to TTELA, after long negotiations in Stockholm, an ownership structure has now been found for Saab, hope is that it will be approved on all levels, even GM.
The structure has been signed by Victor Muller and is developed with the chinese partner Youngman. Exactly how the suggestion looks is unclear, but Youngman seems to have backed down from its previous desire to take a majority part in Saab. It is not unlikely that Youngmans part is now below 20% to agree to the terms set by General Motors.”
The Swedish wire service thinks Pangda is not part of the deal. As indicated here several times, Pangda has its own problems in China and has told our sources in China that they are growing tired of the whole Saab story. Says TTELA:
“Pang Da has not been present at the negotiations in Stockholm during these last few days. This new deal is likely Saabs only way of avoiding bankruptcy. The papers were sent over to GM yesterday and right now, the tension is high as to what the reaction might be in Detroit.”
The trouble is that GM already voiced its opinion last week. Marketwatch wrote a few days ago:
“General Motors Co. said Wednesday it remains skeptical about a Chinese rescue plan for Saab Automobile even as one potential Chinese investor said taking control of the troubled Swedish car maker isn’t its main goal.
GM, which owns the technology on which several Saab models are based, doesn’t believe that a Chinese takeover of Saab would be in the best interest of its shareholders given it is a major player in its own right in the Chinese car market. The Swedish auto maker, currently owned by Swedish Automobile NV , has been operating under creditor protection since September.
“GM has not changed its position,” spokesman James Cain told Dow Jones Newswires.”
It becomes rather old that these new deals always come up when Saab is about to go bankrupt. Salaries have not been paid. A check from Youngman is supposedly in the hands of the chronically unreliable Chinese mail. The unions are ready to request bankruptcy this coming week.
And what is the The Church of The True Saab doing to help the matter? It asks for another onslaught on GM’s facebook page. This time, a polite one:
“As if you didn’t figure out by now, this would be the appropriate time to politely lobby GM to please approve this deal (or at least counter with an acceptable revision). Not that anyone needed reminding, their Facebook wall has been flooded for weeks.
They are still spamming the site. Only the harsh “Let Saab go!” changed to “Please let Saab go!”