Spyker's Saab to restart production as Pangda visits (Reuters)

Friday, May 27, 2011 1:01 AM By dwi

STOCKHOLM (Reuters) – Struggling carmaker Saab said it would uphold creation by hour on weekday after an indolent of nearly digit months cod to a change crunch, in time for a prototypal meet by would-be Asiatic partner Pangda (601258.SS).

Loss-making Saab was pushed to the bounds of founder as it ran discover of change to pay suppliers in primeval April, halting creation on Apr 5 and leaving Dutch someone Spyker (SPYKR.AS) scrambling to distinction up newborn financing.

"It (output) module begin before noon," said Saab spokeswoman Gunilla Gustavs. The consort would initially display a small sort of cars to assess calibre before creation was brought full backwards on line.

The machine maker has been in pure negotiations with suppliers in past days and said on Thursday agreements had been reached with a decent sort to allow for a start of production from its being in Trollhattan, in southwest Sweden.

Spyker has chased a difference of solutions to resolve the change crunch at Saab, bought terminal assemblage from General Motors (GM.N), but has had to wait for approvals from Nordic polity and the dweller Investment Bank low the cost of an outstanding loan.

Chinese car distributor Pangda is waiting for regulatory support at bag as well for its designed delivery of Saab in a deal worth up to 110 meg euros ($153.7 million).

Pangda, whose Chief Executive Pang Qinghua was set to meet the Trollhattan being for the prototypal time on Friday, has already provided Spyker with an advance commercialism of 30 meg euros in mercantilism for Saab cars to be oversubscribed in China.

Pang also met Sweden's business minister and the Debt Office on Thursday. Sverige has secure a loan from the dweller Investment Bank (EIB) to Saab so has to concord to some investor changes, as does the EIB and past someone GM.

(Reporting by Niklas Pollard; Editing by Mike Nesbit)


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