Saab bids are currently evaluated by bankruptcy administrators

Article by Christian Andrei, on April 12, 2012

The bids for Saab are currently being evaluated by its bankruptcy administrators. A decision will come before summer arrives. The administrators declined to reveal the identities of the bidders. The deadline for offers was last Monday. Aside from Chinese-based automaker Youngman, there are other companies that have expressed interest to purchase Saab’s estate.

Those who have made offers according to the media are India automaker Mahindra & Mahindra and a Japanese-Chinese consortium that hopes to build electric vehicles at Saab. According to bankruptcy administrator Hans Bergqvist, all the bidders aim to resume car production at Saab's plant in Trollhatten, Sweden.

He said that they are assessing the bids so that they can continue with the talks. Bergqvist's law firm Delphi has announced last Tuesday that Saab’s assets amount to 13 billion kronor ($1.9 billion) while it has assets of only 3.6 billion kronor.

He informed Swedish reporters that hopefully, the bidder that will succeed will pay higher than the worth of its assets. Last December, Saab was declared to be bankrupt after former owner Swedish Automobile had implemented rescue efforts but had failed.

Topics: saab, bankruptcy

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