December sale or bust for Saab: GM
AFP/The Local · 1 Dec 2009, 21:20
Published: 01 Dec 2009 21:20 GMT+01:00
- 'All hope is not lost for Saab': official (01 Dec 09)
- Swedish officials in last ditch Saab rescue plea (30 Nov 09)
- GM, not Sweden, should find Saab buyer: minister (27 Nov 09)
The US auto maker indicated it was continuing to seek a buyer for Saab after Swedish luxury carmaker Koenigsegg and a Chinese partner gave up a bid due to costly delays.
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.