Turkey-based Brightwell Holdings will make bid for bankrupt Saab

Article by Christian A., on January 21, 2012

Turkish private-equity firm Brightwell Holdings intends to bid for bankrupt Saab Automobile "very shortly", according to Zamier Ahmed, a board member at the group. Specifically, the firm wants to purchase all of Saab and intends to continue the automaker's production in Sweden. Brightwell invests in transport, energy and technology.

The company is currently in talks with the administrators assigned to the bankruptcy of Saab and with the automaker's CEO Victor Muller, Ahmed revealed.

The holding group is still studying the assets of Saab and their worth, including inventories, and will need more than two weeks prior to making any offer, Ahmed disclosed to Bloomberg.

Any transaction will require the approval of the Swedish government and the European Investment Bank as well as with General Motors, which licensed much of the technology in Saab's cars. GM is also the previous owner of Saab before it sold the Swedish automaker in 2010.

Interestingly, Chinese group Zhejiang Youngman Lotus Automobile might also bid for Saab next week. Reuters reported on Wednesday that Youngman is still interested in Saab.

In fact, it is prepared to submit a bid for the automaker that would be worth several billion Swedish crowns. Youngman has previously attempted to rescue Saab, but it was unsuccessful due to objections from GM.

After depleting its cash, Saab filed for bankruptcy on December 19. Production at its Trollhaettan plant was halted for most of the time last year beginning in March.

It is currently owned by Swedish Automobile, which is based in Netherlands. Muller disclosed last month that the automaker can emerge from bankruptcy if a practical bidder comes along.

Topics: saab, turkey

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