Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that's an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co.
Far from a magic wand that will make all of Saab's troubles go away, the automaker continues to operate in its restructuring phase, with the funds being used to simply keep the ship afloat during that time. Swedish law doesn't permit companies to take out new loans during a restructuring phase, a law both Saab and Youngman have managed to avoid by signing an agreement back in September, and now claiming the funds have been available for several weeks.
Saab continues to await further investment by Youngman and Pang Da Automobile Trade Co., both of which are subject to approval by the Chinese government won't be decided on until October 14th at the earliest. Saab has given no indication of when it hopes to open its Trollhattan assembly plant.
More: Saab Confirms Loan from China's Youngman on AutoGuide.com