Reuters (Stockholm) - Chinese carmaker Zhejiang Youngman Lotus Automobile said it was getting positive signs from authorities in Beijing about its plans to invest in cash-strapped Saab, a Swedish daily reported on Saturday.

Youngman and Chinese car company Pangda Automobile Trade Co Ltd (601258.SS) are seeking approval from China's authorities to invest 245 million euros in Saab, now owned by Swedish Automobile (SWAN.AS).

The ailing carmaker, which has not paid August wages and whose bills from suppliers have been piling up, was pushed closer to collapse this week after a Swedish court rejected its application for protection from creditors.

Youngman Director Rachel Pang told Svenska Dagbladet the company received a green light on its planned investment from local authorities and that a decision on the provincial level would be made on Wednesday.

A final approval is then needed from the National Development and Reform Commission (NDRC) in Beijing.
"We have ongoing contact with NDRC in Beijing. We are getting positive signals. I have a good feeling about this," Pang was quoted as saying.

But time is ticking and a Saab union said on Friday it would next week push for the car maker to be declared bankrupt so that a state scheme that guarantees salaries are paid kicks in.

The company said it would make a fresh application for court protection from creditors on Monday.

Source:gasgoo