Saab's owners in rescue talks with a Chinese bank and Chinese car company for investment
5 December 2011

Saab's owners have again raised hopes of the company being saved, announcing they are in rescue talks with a Chinese bank and Chinese car company for investment.

Swedish Automobile, or Swan, is negotiating with an unnamed bank and Zhejiang Youngman Lotus Automobile Company, and says the prospective deal will include short-termn financing to allow it to pay its November and December bills.

Earlier this year, Youngman and Pang Da Automobile announced a deal to buy the brand, but the agreement hit trouble when former owner GM said it would not licence its technology to the new owner.

Saab has seven days to pay its workers their November salaries or it will face bankruptcy proceedings.

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