China's Youngman makes new bid for Saab, report says
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Zhejiang Youngman Lotus Automobile has placed a fresh bid to buy bankrupt Saab, Bloomberg reported.
The Chinese automaker is bidding for Saab against a group led by Japanese investment firm Sun Investment and Hong Kong-based National Modern Energy Holdings.
Youngman had wanted to invest in Saab before the the carmaker went bankrupt. The deal fell apart when General Motors Co. refused to allow its technology, which underpins Saab cars, to fall into Youngman's hands.
Last month, Sun Investment and National Modern Energy Holdings said they had formed a company called National Electric Vehicle Sweden with the only purpose of buying Saab's assets.
Saab filed for bankruptcy in December after running out of cash. GM sold the Sweden-based company in February 2010 to the Dutch sports-car maker Spyker.
Saab hasn't made cars since last year, after an initial production halt in March 2011, after stopping payments to suppliers.
When contacted by Automotive News Europe, Hans Bergqvist, one of the bankruptcy administrators, declined to comment on any bids for Saab or when a decision on selling the company's assets might be announced.
