Saab’s revival hopes have suffered two more blows, with General Motors knocking back another rescue package and Saab’s restructuring administrator admitting that he is losing patience in the ordeal.
GM, which owns the rights to the technology used in a number of Saab vehicles, says it cannot support the latest takeover bid by Chinese manufacturer Zhejiang Youngman Lotus Automobile and an unnamed Chinese bank.
Unfortunately for Saab, this latest plan, didn’t make the cut with General Motors either. On Tuesday, GM spokesman James Cain issued the following statement: “We have reviewed Saab’s proposed changes regarding the sale of the company. Nothing in the proposal changes GM’s position. We are unable to support the transaction.”
The administrator overseeing Saab’s restructure asked General Motors, which remains a holder of preferential shares in Saab and owner of much of its technology, to continue the licensing agreement after the sale. However, the Detroit automaker said that its position would not change.
According to Reuters, Swedish Automobile CEO Victor Muller replied in a text message that “There is always Plan B”, though he declined to provide more information.
Well, if it exists, it will actually be Plan F or G by now – we’ve lost count.