News from Tim Colbeck
October 28, 2011
To: SCNA Retail Network
From: Tim Colbeck, President and COO, SCNA
We are pleased to announce an MOU agreement between Pang Da Automobile Trade Co. and Zhejiang Youngman for the purchase of 100% of Saab Automobile AB and Saab Great Britain for 100 million euros ($142 million). As a subsidiary of Saab Automobile AB, Saab Cars North America is also included in this transaction. The agreement is subject to approvals from the NDRC in China as well as Swedish Automobile's shareholders and certain other parties.
The memorandum of understanding is valid until November 15. Based on the agreement, Saab's administrator, Guy Lofalk, has withdrawn his application to a Swedish court for Saab to exit reorganization.
Victor Muller remains CEO of Saab Automobile AB until a new CEO is appointed. However, he plans to remain involved in Saab’s future.
We remain optimistic that appropriate approvals and funding will be secured and that Saab can pay its creditors, restart production and launch new models and expand in China.
I thank you for your continued support. Today’s news is a strong step toward the future and making brand value of Saab stronger than ever before.
We will keep you apprised as developments occur.
Sincerely,
Tim
