Ailing Saab still waiting for Chinese money

A general view of Spyker Cars Saab factory in Trollhattan September 7, 2011.

STOCKHOLM (Reuters) - Struggling car maker Saab SWAN.AS has not yet received the 70 million euros ($93 million) worth of bridge financing it needs to survive while it restructures under court protection, a spokesman said on Wednesday.

Saab, which has scarcely produced a car for six months, said in mid-September the money was part of a license agreement with Chinese car firm Zhejiang Youngman Lotus Automobile.

"The money has not come in yet. We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money," Saab spokesman Eric Geers told Reuters.

"It is hard to say exactly when this process will be finished. But it will be soon," he added. He would not comment on how long Saab, owned by Swedish Automobile, could make it without the funds.

In September, the 60-year-old company got temporary protection from creditors while it awaits long-term Chinese investment by Youngman and Pangda (601258.SS).

Saab has lurched from one crisis to another since early this year and shut down in April, unable to pay its suppliers who are owed more than 150 million euros.

The company was forced to apply to the courts for creditor protection when it was unable to pay workers' salaries in August. ($1 = 0.753 Euros)

(Reporting by Veronica Ek; Editing by Elaine Hardcastle)