Caixin OnlineBusiness & IndustryTop Stories Industry Chinese Firms Lose from Saab Bankruptcy
12.21.2011 19:46

Chinese Firms Lose from Saab Bankruptcy

An executive with Zhejiang Youngman Lotus said part of the company's prepaid capital for the acquisition bid will be used to set up a 50-50 joint venture with Saab
By staff reporters Wu Jing, Yu Zhixiang
a

(Beijing) – Reeling from the bankruptcy announcement of Saab Automobile AB, Chinese investors are moving to tally up the losses.

On December 19, a local court in Sweden announced its approval of Saab's bankruptcy application. The following day, Pangda Automobile Trade Co. (SHE: 601258), one of the bidders for Saab, suspended its stock trading in Shanghai for the day. Pangda, the largest auto dealer in China, said in an exchange filing on the same day that it will book a write-down, according to accounting rules, to reflect possible losses from its 45-million-euro prepayment to Saab for car purchase contracts. 

We hope you have enjoyed your free articles for the month
REGISTER to get 5 more free articles, or SUBSCRIBE to get full access to Caixin
Already a subscriber? Log in now
COMMENTS (0)
Sign up to receive our free daily newsletter

LATEST VIDEOS

Latest Issue
On the Cover:

Fumes and Fantasies

Northwest China factories with wastewater 'evaporation ponds' pledged zero emissions and then failed miserably


Issue 84
December, 2014

POPULAR GALLERIES

SUBSCRIPTIONS

Caixin-China
Economics & Finance
Latest Issue:
Fumes and Fantasies
Northwest China factories with wastewater 'evaporation ponds' pledged zero emissions and then failed miserably
Issue 84
12.01.2014

Subscribe       |       Newsletter        |        FAQ