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General Motors Co. announced that it doesn’t approve the proposal to sell its former Swedish unit Saab to the  Chinese carmakers Youngman and PangDa.

GM spokesman Jim Cain stated:

“We have reviewed Saab’s proposed changes regarding the sale of the company. Nothing in the proposal changes GM’s position. We are unable to support the transaction.”

On Monday, Saab announced that is under discussion with Chinese carmaker Youngman and an unnamed Chinese bank:

“The discussions include a short-term solution to enable Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders”.

Saab is one of the companies formerly owned by GM and sold during 2009 restructuring process. The company faced many financial problems since the beginning of the year and is currently reorganizing in Sweden under court protection from creditors. Due to lack of production and sales, it appeared many financial issues, as the automaker has not been able to pay salaries on time, nor many of its debts. In the whole world are approximately 1.5 million Saabs, from which 300,000 are located in the United States.

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