Swedish Automobile Terminates Subscription Agreement With Pang Da And Youngman
by TIMR on OCTOBER 23, 2011
PRESS-RELEASE: Trollhättan, Sweden: Today, Swedish Automobile N.V. (Swan) announced that it has given notice of termination with immediate effect of the Subscription Agreement of July, 2011 entered into by Swan, Pang Da and Youngman.
Swan took this step in view of the fact that Pang Da and Youngman failed to confirm their commitment to the Subscription Agreement and the transactions on the agreed terms contemplated thereby as well as to explicit and binding agreements made on October 13, 2011 related to providing bridge funding to Saab Automobile AB (Saab Automobile) while in reorganization under Swedish law.
Pang Da and Youngman have presented Swan on October 19 and 22 with certain conditional offers for an alternative transaction for the purchase of 100 percent of the shares in Saab Automobile which are unacceptable to Swan. However, discussions between the parties are ongoing.
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{ 12 comments… read them below or add one }
1 Daniel Lamkiewicz October 23, 2011 at 22:25
I don’t like where this is going
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2 elbobo October 23, 2011 at 22:28
Wow, when is this BS going to end? Saab and it’s employs don’t deserve this kind of purgatory….
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3 TimR October 23, 2011 at 22:30
So far the employees don’t care too much, not the ones I know at least… all they want to do is to build cars…
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4 Baracuda October 23, 2011 at 22:31
First it is bad looking news. But i think it’s the right way the saab management is going. Show the chinese that they shall come up with their money or their “dream” to become part owners of saab is terminated. Not to note that they are loosing a huge amount of money.
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5 Daniel Lamkiewicz October 23, 2011 at 22:33
Is this the beginning of the end?? =’(
Starting to lose hope i’m afraid…
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6 Baracuda October 23, 2011 at 22:34
Keep calm and carry on. The management knows what they are doing. And this is one step they had to do, after the chinese were playing false.
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7 Daniel Lamkiewicz October 23, 2011 at 22:35
It’s not that easy to stay calm anymore after reading this…
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8 TimR October 23, 2011 at 22:39
There is absolutely nothing you can do about it anyway so just sit back and watch!
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9 till72 October 23, 2011 at 22:42
and buckle up.
10 till72 October 23, 2011 at 22:41
SWAN had to act as they got no confirmation from their partners. Looks like they have to get to new partners.
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11 Ken H October 23, 2011 at 22:33
To use a word I can not pronounce, this was maybe inevitable…
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12 SaabSouth October 23, 2011 at 22:43
This is a high stake game of poker and nobody knows what cards VM has?
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