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Saab to reshuffle board, save company

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Saab to reshuffle board, save company
08:47 CEST+02:00
In the latest chapter of the long running Saab saga, Swedish Automobile, the company's management, has called an extraordinary general meeting next month to discuss restructuring the board of directors.

The main aim of the EGM, set to take place on November 11, will be to allow places on the board for new stakeholders from prospective Chinese investors, Pang Da and Youngman, provided they pump a certain amount of capital into the ailing car maker.

The new proposal would give Youngman 29,9 percent of Swedish Automobile, and Pang Da 24 percent.

Lawyer Guy Lofalk, the latest person to be charged with finding a route to survival for Saab has been in China this week to work on the business plan for the newly reconstructed company and drum up support.

As well as visiting the Swedish embassy in Beijing, Lofalk, together with Saab business development manager Martin Larson, discussed the proposed new business plan with executives from the two Chinese companies.

They now have one month to work on the latest plan, which, if acceptable to all parties, will provide the foundations for the reconstruction of the Swedish company.

Meanwhile, its not all doom and gloom around the company. Owners around Europe are taking part in the annual Saab convoy to celebrate the iconic Swedish brand.

Two groups started the long journey to Trollhättan on Friday, one from Germany and another from Kista, just outside Stockholm.

The car enthusiasts will convene in the home town of the car maker for a party over the weekend.

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