Will It End Like This?
auto crisis

20 Buyers Interested In Saab

Struggling Swedish car maker Saab could have a new owner by June after a court appointed administrator for re-structuring the company told a hearing that 20 potential buyers had expressed an interest in the company.

Administrator Guy Lofalk told Saab’s creditors at Monday’s hearing that 20 buyers had expresed an interest and that the ”sale process is expected to be completed during June 2009.”

He added that ”the sale of Saab and a new owner is a pre-requisite for a successful restructuring of the company.” Saab autos is currently owned by General Motors who want to sell it off or dump it by the end of the year.

Saab’s Chief Executive in Sweden, Jan Åke Jonsson refused to reveal to reporters the identity of the potential buyers, but said some are industrial, some are more of the investment kind.”

Representatives of more than a thousand creditors of the bankrupt auto company had been expected but according to the TT agency only a few turned up in Vänersborg to hear the plan to save Saab from going under.

Saab’s Chief Executive in Sweden, Jan Åke Jonsson refused to reveal to reporters the identity of the potential buyers, but said ”Some are industrial, some are more of the investment kind.”

The restructuring plan shows Saab aims to have a positive cash flow by 2011 and is seeking a deal with creditors to write off 75 percent of its non-prioritised debt.

A court spokesman announced that the 20th of May has been set as the deadline for completing the restructuring process. (DR/KH)

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