China's Pang Da brings hope to Saab with funding

Spyker (SPYKR.Euronext), the Dutch company that owns Saab, has secured US$156 million in funding from Chinese car distributor Pang Da Automobile (601258.SH) to rescue the troubled Swedish carmaker, the Financial Times reported. For the past six weeks work at Saab’s Swedish factory has been suspended as parts’ suppliers stopped deliveries due to outstanding bills. Pang Da will provide US$63 million to allow it to resume manufacturing for export to China while also buying a 24% equity stake in Spyker for US$92.2 million, pending regulatory approval. This comes after last week’s collapse of an alternative rescue plan involving Hawtai, a small Chinese car manufacturer.