Summary Box: Saab talks to Youngman, Chinese bank

AP News
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Posted: Dec 05, 2011 11:12 AM
Summary Box: Saab talks to Youngman, Chinese bank

SAAB STORY: Swedish Automobile, the owner of Saab, said Monday it is in talks with an unnamed Chinese bank and auto company Zhejiang Youngman Lotus Automobile about selling stakes in the troubled car brand.

UPHILL ROAD: Saab has been fighting for survival since CEO Victor Muller took over the loss-making brand from GM in 2010 through his Dutch company Spyker Cars. Swedish Automobile entered bankruptcy protection in September.

NOT YET IN GEAR: The outcome of the discussions is still uncertain and a deal needs the approval of relevant stakeholders, including previous Saab-owner General Motors Co.