Zeewolde, The Netherlands – Saab has reported that its reorganization is progressing and that it has received its first payment from Chinese partner Youngman under its bridge loan funding commitment.
The commitment for the loan was first announced on September 12, 2011.
Further payments under the amended and final bridge loan agreements signed by the two companies are expected to be made during this week, and by October 22.
Saab said it intends to repay the bridge loan with proceeds of promised equity investments of €245 million by Chinese partners Youngman and Pang Da. The investments are still subject to approval by relevant authorities and parties. Saab expects to receive the funding “during the next weeks.”