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May 25, 2012
December sale or bust for Saab: GM
Published: 1 Dec 09 21:20 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/23598/20091201/
Troubled car maker Saab was granted an eleventh hour reprieve on Tuesday as owner General Motors said it would evaluate "expressions of interest" for its Swedish unit.
- 'All hope is not lost for Saab': official (1 Dec 09)
- Swedish officials in last ditch Saab rescue plea (30 Nov 09)
- GM, not Sweden, should find Saab buyer: minister (27 Nov 09)
But GM said it may end the nameplate if it fails to find a suitable buyer.
"The GM board of directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB," a GM statement said.
"The board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind-down of the global Saab business at that time."
GM declined to name any of the potential bidders "due to non-disclosure agreements."
Koenigsegg announced in September that it had teamed up with Beijing Automotive Industry Holding Co Ltd (BAIC) to buy Saab from GM.
But it still needed a €400 million ($600 million) loan from the European Investment Bank and wanted the Swedish government to act as a guarantor.
Swedish media have suggested that Saab was running short of money to continue its day-to-day operations, and doubts have flourished among experts about whether Koenigsegg would have the expertise to run a major car company.
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adjective
Lång means long, tall and can be used for height, distance or time.
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The question is, what game?
It looks like they are oging to close the plant.
Deja Vu, anyone!
I do hope, for the sake of SAAB employees, that I am wrong. But this whole business sounded fishy from the beginning.
what is the core competence of SAAB? without core competence, who would put the real bucks into this age old, less shiny company that carries heavy overhead burden.
remember, capitalist world money talks, but probably Sweden is in socialist world, so they probably does not understand the game rules here.
"Sweden is very far behind the World Markets" correct!!!
that's why they are catching on, globalization sets same rules everywhere.