Saab gasps and splutters
GM says is now evaluating not just a revised offer from Holland’s Spyker, but several new expressions of interest as well. It says that since Friday’s announcement that it would start the orderly wind-down of Saab, it has received inquiries from several parties. Perhaps GM calling it a day its Saab brand was a negotiating tactic meant to draw Spyker out on some of the finer points in their presumed-dead negotiations over salvaging the Swedish car maker.
Spyker said its renewed offer included an 11-point proposal addressing issues that arose during the due diligence process, one that eliminates the need for a European Investment Bank loan approval prior to the end of the year. That would allow it to beat GM’s deadline end-of-year deadline.
Ok. So we may have been premature in pronouncing Saab’s demise. GM’s deadline – to keep this ghastly metaphor running – is more like a ventilator. Having already gone through its bankruptcy, GM executives may feel they have less reason to pull the plug than they did when they were themselves facing the end of the road. But is the prospect of a deal going to be enough to convince them to keep loss-making Saab alive for another month or more?