Saab still waiting on Chinese cash, Geely not interested

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The longer Saab waits for its long promised investment money from its Chinese partners the closer it gets to closing the doors, but the rumor does not wait, last week it was rumored that Geely were interested in taking on the Saab-story, but it seems that Geely are quite happy with just the one Swedish brand:

Geely Automobile Holdings Ltd. (0175.HK), a unit of Zhejiang Geely Holding Group Co., said Thursday it has no interest in acquiring Swedish car maker SaabAutomobile in response to a newspaper report on the matter.

Swedish newspaper Dagens Nyheter reported early Thursday, citing an unnamed source, that China’s Zhejiang Geely, which owns Swedish car brand Volvo, has shown “genuine interest” in Saab AB (SAABF) and approached the lawyer in charge of Saab’s restructuring.

“We have no interest in acquiring Saab,” said Lawrence Ang, executive director of Hong Kong-listed Geely Automobile, without elaborating.

China’s Zhejiang Geely couldn’t immediately be reached for comment.

Meanwhile it seems that Saab are growing impatient with their wait for Youngman’s money which is being used as bridge loan on their new platform:

Struggling car maker Saabhas not yet received the 70 million euros ($93 million) worth of bridge financing it needs to survive while it restructures under court protection, a spokesman said on Wednesday.

Saab, which has scarcely produced a car for six months, said in mid-September the money was part of a license agreement with Chinese car firm Zhejiang Youngman Lotus Automobile.

“The money has not come in yet. We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money,” Saab spokesman Eric Geers told Reuters.

“It is hard to say exactly when this process will be finished. But it will be soon,” he added. He would not comment on how long Saab, owned by Swedish Automobile, could make it without the funds.