Saab CEO Victor Muller has promised that the company’s chiefs will “never give up in our fight for a healthy and profitable Saab” despite more uncertainty over the company’s future.
Yesterday the car company learned that the administrator in charge of its affairs, Guy Lofalk, is applying to the Swedish courts for a termination of the reorganisation process. That process is currently protecting Saab from its creditors to give it time to seek new investment, but Lofalk does not have confidence that the funding is sufficient to continue reorganisation.
In a counter-move, Saab is applying to have Lofalk removed as its administrator. The Swedish manufacturer has also opened negotiations with American equity firm North Street Capital because it has doubts over the arrival of more funds from two prospective Chinese investors, Pang Da and Youngman.
Muller, speaking in an interview with Sweden’s Radio P4 West, said he believes Lofalk’s meetings with Pang Da and Youngman in China last weekend have prompted the companies to change tack and seek a complete takeover of Saab rather than the planned 50 per cent ownership deal.