December sale or bust for Saab: GM

December sale or bust for Saab: GM
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.

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.

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