Final bids for Saab will be submitted until April 10

Article by Christian Andrei, on April 4, 2012

Companies that want to register their final bids for Saab have until April 10. So far, Chinese automaker Youngman is the lone company to publicly register its interest to buy the estate of the bankrupt Swedish carmaker. Youngman, together with Chinese car distributor Pang Da, had intended to purchase Saab from its owner Swedish Automobile before it had become bankrupt.

However, the deal was blocked by former owner General Motors Co., which continues to control key Saab technology. According to media reports, several companies may be interested to acquire Saab. Sources said that there is an unnamed Japanese and Chinese consortium that wants to build electric vehicles using the Swedish brand.

The Swedish press said that it’s possible that this group already had a meeting with Saab's receivers to talk about a deal. The Indian automaker Mahindra & Mahindra is mentioned by the media as a possible bidder.

Attorneys Hans Bergqvist and Anne-Marie Pouteaux, the receivers who are handling Saab’s estate, said last Tuesday that it wasn’t probable that assets raised from any sale would satisfy debts of around 12-13 billion kronor (1.8-1.97 billion dollars) that Saab still owes creditors.

Bergqvist told reporters that the sale of Saab's estate (which is comprised of the company Saab and subsidiaries Saab Automobile Powertrain and Saab Automobile Tools) wasn’t likely to cover more than "a portion" of this debt. [source: Autonews]

Topics: saab

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