Pang Da Drops Deal In Wake Of Saab Bankruptcy

Law360, New York (December 20, 2011, 11:21 PM EST) -- Pang Da Automobile Trade Co. dropped its plans to buy Saab Automobile AB after a Swedish district court approved the automaker's bankruptcy filing, the Chinese car distribution company said in a Tuesday regulatory filing with the Shanghai Stock Exchange.

Pang Da and another Chinese firm, Zhejiang Youngman Lotus Automobile Co., had discussed buying the troubled automaker for 100 million euro ($141.9 million), before Saab parent company Swedish Automobile NV announced Monday that Saab Automobile, Saab Automobile Tools AB and Saab Powertrain AB had filed for bankruptcy...
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