/Not Again! Saab Deal With Hawtai Terminated

Not Again! Saab Deal With Hawtai Terminated

saab logo at Not Again! Saab Deal With Hawtai Terminated

Every time Saab is about get up, things go wrong somehow. A couple of days ago we told you about their deal with the Chinese Hawtai Motors which could save the company. But guess what.

They are now reporting that the deal has been terminated, because: “Since it became clear that Hawtai was not able to obtain all the necessary consents, the parties were forced to terminate the agreement with Saab Automobile and Spyker with immediate effect. The parties will continue their discussions about a possible cooperation, however now on a non-exclusive basis,” says Spyker, current owner of Saab.

Saab and Spyker will continue negotiation with Hawtai in hope to arrive at a new deal, but they are also considering other alternatives: “Spyker and Saab Automobile continue to work on securing short and medium term funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various (strategic) Chinese partners,”

Saab is still tryng to secure a 29 million euro loan from European Investment Bank. Once completed, they will pay debts to suppliers and the production will be restarted.

source: Autonews

(Founder / Chief Editor / Journalist) – Arman is the original founder of Motorward.com, which he kept until August 2009. Currently Arman is our chief editor and is held responsible for a large part of the news we publish.