STOCKHOLM - Saab has received a first payment from China's Zhejiang Youngman Lotus Automobile as it struggles to stay in business and faces a crucial court hearing on its future this week.
"I can confirm a first payment from Youngman. Funding has come into Saab accounts," Eric Geers, Saab spokesman, said on Tuesday, declining to detail the amount.
Swedish business daily Dagens Industri reported that Youngman, which wants to get a stake in Saab, has given the Swedish carmaker $5 million to cover immediate tax expenses.
It said Youngman will pay a further 20 million euros ($26.43 million) to Saab on Wednesday to cover unpaid salaries and 10 million euros more before the end of December.
Geers could not say whether more money was on the way but said discussions with Youngman had continued and that progress was being made.
"Now, we are trying to work hard to pay salaries and to secure funding for salaries and keep the company in reorganization," he said.