Jilted by a Chinese free, find another Saab

Barring still a last-minute hitch, cash starved Swedish manufacturer Saab should have a new partner - and as much as $170 million in bar, from his contract with Chinese car dealers Pangda.

News of the Alliance were only a few days after another tie-up between China's Hawtai motors and Saab unexpectedly, concerns about the growing rise of the European automobile manufacturers survive. Indeed analysts and customers have asked both whether withdraw themselves from the brink for several years, and despite the carmaker Saab optimistic statements, the Pangda partnership does not mean that the skeptics are removed.

"Be this enough to them to solid financial status?" I'm just not sure, ", said Joe Phillippi, a longtime Wall Street investment analyst and now head of car WebTrends consulting."

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Saab before its former parent General Motors decided since already uncertain future, sell or close the brand almost three years ago.

Years suffer declining sales and worsening losses, GM began "Breaking up" the Swedish subsidiary end of 2009, and at the time of the Dutch company of Spyker cars Saab was effectively insolvent negotiated a purchase, early in the year 2010. It took seven weeks after the sale for the new owners of the Central Assembly plant in Trollhattan, again on the run have.

Spyker Chairman and CEO be Victor Muller insists on this shutdown which was proverbial spanner, the sales and profit, behind the plans in the past year fall guided. In any case, Saab was struggling to pay bills, and until the end of March, one of the main suppliers demanded payment before delivery of key parts. Muller decided their bluff "Call", and now in hindsight admits that he the disaster, which follow would that a supplier of dozens others boycott the Saab factory linked is thrown.

With their plants closed and creditors circles Saab began a frantic search for cash.

Among other proposals Vladimir Antonov, Russian banker and one-time investor in Spyker turned it. Antonov offered a lease-back deal where he would buy Saab plants and other assets, then lease it back to Saab, a concept that the Swedish carmaker would have provided a quick cash infusion. The deal gained the support of the Swedish Government, but was by the European Investment Bank, which provided the first loan available, which used the Spyker Saab from GM, acquires blocked.

With the time the end of Dutch entrepreneur Muller was China. He had many reasons. For one thing, the nation domestic automakers, to gain traction by the expansion in Europe and North America long hoped had access to China, - even as Saab today world's largest automotive market urgently required.

The Hawtai business, Muller announced earlier this month, was "the best available." Almost immediately, it would have generated more than $100 million in much-needed bar. It would also have open access to Chinese distribution, and Saab finally hoped some of their products in assembly lines Hawtai build. (The agreement was the concept of the sale of the other Swedish car manufacturer Volvo to China's Geely in the last year.)

Why is the Hawtai business quickly settled a matter of debate. Some reports claim that the approval of Chinese bureaucrats could get the car manufacturers. A similar roadblock sunk the proposed sale of GM Hummer brand to a small Chinese automaker 2009. But Muller has also indicated that the Saab deal to change can have tried Hawtai, the terms of their agreement after the signing.

"It is not uncommon that the real negotiations begin after the signing of the contract for the Chinese is often", an industry source said that spent decades dealing with the Asian nation and asked not to be identified by name.

What the actual reason, had to Saab move quickly. But even before it lined up the broken Hawtai deal, Muller had already negotiated with other Chinese makers, and he has another partner find more quickly than expected.

The new Pangda Alliance, he said, "is Saab secure medium-term financing cars", and give out an immediate outlet operated 1,100 dealers in the Chinese firm. Pangda is one of the 200 largest companies in China. The company IPO completed three weeks ago, $1 billion. It is now some of the money a 24 percent stake in Saab spend.

But will keep the latest partnership?

"We have seen how fast this rescue deals can fall apart" Dave Sullivan, warned the AutoPacific, Inc. "everyone is carefully, right."

Sullivan also stressed that, while Saab parts can pay overdue bills can its manufacturer are probably a tougher on future deliveries, also demanding cash up front, some bargains that difficult to do will be for Saab; the automaker has to sell still no cars since March 29 produced.

It is to cope with buyer. Saab issues have been in the headlines for months, so that potential customers "be $50,000 for a Saab be skeptical before expenditure 9-5," Sullivan said. Consumers want to know that they are buying the company from today will be there to service and spare parts in the years to come back up, he said.

The good news is, that Saab 9-5 and the new 9 X was solid reviews for get - its first crossover utility vehicle. Saab buyer always a bit of a different breed, are looking for something from the mainstream, said Phillippi. To Saab customers are may be more willing to take a risk and to remain faithful to the manufacturer.

At least Saab has to hope. If the deal with Pangda, with their immediate problems to Saab deal some cash, but the automaker will likely take before things can be anywhere close to what normal again could be described as.

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