On Wind Down Avenue, Saab Sees More Signs of Interest
Good thing for Saab that shutting down a car business is a lengthy process. There are orders to fill, inventories to clear and various other contracts to conclude. Bidders for Saab know this, so even as the deadlines come and go, signs of life for a deal are going to have plenty of room to grow.
So now, even as General Motors starts turning off the lights, new bidders are emerging. Formula One motor racing boss Bernie Ecclestone (pictured left) has, according to the BBC, joined forces with Luxembourg-based private investment company Genii Capital to pitch a rival proposal, and of course Dutch luxury carmaker Spyker has come through with an improved bid for the struggling maker of the 9-3 and 9-5 sedans, as promised.
Swedish media reports on Friday named Jan Nygren, formerly a Saab aerospace executive and senior defence ministry official, as the head of a group of Swedish investors submitting a last-minute bid for the ailing carmaker. Nygren confirmed the group’s interest but declined to give details.
Swedish government officials plan to meet with GM’s board early next week in Detroit to clarify what loan guarantees are available to potential bidders, but also to ask for details about the winding-down process if no sale materializes.