Summary: Swedish Automobile and Saab's financial troubles

Gasgoo.com (Shanghai) - The Court of Appeal for Western Sweden approved Saab's request for bankruptcy protection in the end of September, which allowed the manufacturer three months to reorganize to find a new source of funding. The news today is that Youngman has come up with the money to keep Saab on its feet.

Previously, Saab owed its suppliers debts of 150 million euros ($206.5m), which has kept production in its factories halted since April. Meanwhile, Saab's agreement with Pangda was nullified following the Swedish manufacturer entering receivership. Saab has also received some funds from European financial bodies during that time.

According to Swedish business daily Dagens Industri, Saab needs 5 billion kronor ($723.7m) to convince suppliers to resupply them. Therefore, the key priority for Saab is funding, something which parent company Swedish Automobile (formerly Spyker Cars) is unable to supply it with.

When Spyker bought Saab in February of last year, the manufacturer was already long in the red. In 2009, Saab's debts of 22.95 million euros were three and a half times its total returns. Despite an upturn in growth since then, Saab has still failed to make a profit, with its debts this year at 224.2 million euros, far above the industry average for last year. The following is a short summary of returns and profits for Swedish Automobile for the past six years.