Administrator admits he is ready to end struggling car maker's fight for survival
6 December 2011

Last-minute attempts to save Saab could be curtailed by the administrator in charge of its restructuring, according to reports.

Administrator Guy Lofalk has told the Swedish press he is considering abandoning plans to rescue Saab, as funds required to clear debts have not been forthcoming.

"I immediately have to decide if it really is possible to continue this restructuring," he said.

It is not clear if Lofalk's comments are designed to put pressure on potential investors to come forward and agree a deal quickly.

It was announced yesterday that Swedish Automobile, or Swan, is negotiating with an unnamed bank and Zhejiang Youngman Lotus Automobile Company for a new rescue package.

Lofalk's role in trying to rescue Saab has often been criticised during the restructuring process, with the current owners saying his interventions have put off potential investors.

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.

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