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Saab has launched into a restructuring process following the brand’s decision to file for bankruptcy last month. Part of the effort entails breaking free from parent company GM. Managing Director Jan-Ake Jonsson said the brand intends to identify a new owner within the next two months.
Jonsson did not specify which companies were interested in the automaker, but said that there are five prospects so far and may be more to come. Both China’s Geely Automobile and Dongfeng Motor Group denied rumors that either company had any interest in Saab.
A Geely executive said that the company has not had any talks with Saab and has no interest in pursuing foreign brands. A spokesperson from Dongfeng also said that the company has not held any internal discussions about a possible bid for Saab. He mentioned that he was unaware of his company having any interest in bidding for the brand.
There are rumors that private equity firms and representatives of retired Swedish workers have also expressed interest in bidding. This week, Saab is working with advisors from Deutsche Bank to identify a buyer Jonsson said.
GM, who purchased 50 percent of Saab in 1990 and assumed debt for the remainder of the company in 2000, has said it will end its financial support of Saab by January 1, 2010. The General hasn’t begun an official auction for its Swedish subsidiary yet, but it expects to have preliminary financials ready for Saab in a few weeks
Source: Automotive News
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