Final bids for Saab will be submitted until April 10

Article by Christian A., 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

If you liked the article, share on:

Comments

Recommended

South Korean carmaker Kia will try to follow up the success of its Sportage compact sports utility vehicle by introducing a smaller SUV (subcompact) in the United Kingdom in the...
by - October 18, 2017
It can no longer be denied that Jaguar Land Rover wants to design some more hardcore type versions of their SUV range --- soon after launching the Discovery SVX only...
by - October 18, 2017
Motorists in the United Kingdom who intend to purchase the new 2018 Hyundai Kona subcompact sports utility vehicle could start placing their orders on November 2, 2017. Marked by Hyundai...
by - October 18, 2017
For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries