Gasgoo.com (Shanghai December 20) - In a press conference yesterday, Zhejiang Youngman President Huang Zhiqiang confirmed that his company would not continue to negotiate with Saab following the company's declaration of bankruptcy, China Business News reported today.
Saab was declared bankrupt by a Swedish court yesterday. According to various reports, GM's decision to block Youngman investing in the ailing manufacturer ended its last chance for a revival. GM has constantly rejected any plans to restructure Saab.
According to Saab, bankruptcy protection is essential to protect the interests of the manufacturer's stockholders. The court will be expected to select new administrators for Saab before long.
