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RECONSTRUCTION

Saab Signs Important Agreements

Published torsdag 16 april 2009 kl 10.20

Saab Automobile said on Thursday it had signed confidentiality agreements with 27 potential suitors in its efforts to find a new owner to help it survive the downturn, Reuters reports. The company’s spokeswoman Gunilla Gustavs welcomed the fact that there is this level of interest.

The Swedish carmaker had held meetings with representatives of potential buyers this week, she added. Saab’s court-appointed administrator said earlier this month that a deal was expected to be completed in June.

The carmaker won more time to restructure in early April when a Swedish court extended the period in which the company is protected from creditors. Current owners General Motors have said they plan to cut ties to Saab by January next year.

Saab’s reorganisation plan calls for $1 billion of financing to help it overhaul production and launch new models. (ah)

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