Tallahassee, FL 12/19/11 (StreetBeat) -- Saab (Pinksheets: SAABF) is back in action! The Swedish automaker was just about to switch off the lights when a lifeline appeared from Chinese partner Youngman. Reuters is reporting that a Swedish newspaper stated that Youngman dealt out around $5 million to cover taxes and expenses, as well as another payment of $26.42 million that will show up on December 14 to deal with unpaid salaries. The Swedish automaker will also get $13.18 million by the end of the year.At this point, it remains unclear if this new cash investment will help convince the Swedish courts to continue to protect the automaker from the creditors that are hungry for payments. Until now, Saab has been under the warm blanket of protection, thanks to the Swedish government. The courts are set to rule if that will continue on Friday.
There has been some internal conflict within the company, as an administration applied to have the company’s creditor protection removed, due to the fact that the automaker no longer has any money. Saab has stated that this administration should be removed from the hearings. No matter the outcome or the evidence that leads to it, a decision will be made on Friday.
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