Like Phoenix, the mythological bird that burns down only to rise afresh from its ashes, Saab has been given a stay of execution.
That's because today, Saab Automobile AB announced the signing of a technology license agreement with the Swedish Automobile Coöperatief U.A. (SPV) for the non-exclusive rights in Saab’s (appropriately named, as it turns out) Phoenix architecture technology.
According to a press statement, Saab will receive €70 million (US$97 million) for the licensing agreement, thus securing the short-term funds it so desperately needed – especially after the courts rejected its reorganization plan and denied it protection from its creditors.
In the same deal, Youngman also signed a technology transfer license agreement with SPV for purchasing the license and guaranteeing its payment. The transaction is not yet sealed and the funds will be received when the appropriate documentation is finalized.
Saab intends to repay this short-term bridge loan with a part of the €245 million (US$338 million) it will receive when the Chinese authorities eventually approve the Panga Da-Youngman deal -something the company sincerely hopes will happen sooner rather than later.
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