• Shanghai Daily, Friday, September 2, 2011 9:30 AM

The companies that had expressed interest in giving a pecuniary blood transfusion to the moribund Swedish automaker Saab are getting needle shy. Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co have not submitted an application to the Chinese government.

The two companies had said they would pay the equivalent of $352 million for a combined 53.9% of what is now called Swedish Automobile NV. Pang Qinghua, chairman of Pang Da, told Shanghai Daily that it has not submitted the application to the National Development and Reform Commission, China's top economic planning body. He did not give further details.

Two of Saab's biggest unions announced on Monday that they would ask a court to declare the automaker bankrupt if the company failed to pay wages within 14 days.

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