Tags: gm | saab

GM Saab Deal Hanging by a Thread

Monday, 30 Nov 2009 09:54 AM

Officials from Saab Automobile AB and the Swedish government traveled to Detroit Monday in a final attempt to help General Motors Co. find a solution for the troubled Swedish auto maker.

Saab spokeswoman Gunilla Gustavs said CEO Jan Ake Jonsson would meet with GM management and potential new buyers of Saab in Detroit on Monday. She declined to name the potential bidders or say how many there are.

GM's board is expected to discuss Saab's future in a meeting Tuesday, after Sweden's Koenigsegg Automotive AB last week dropped out of a deal to buy the brand.

Before Koenigsegg emerged as a buyer in June, GM had plans to let the storied brand go out of business, placing 4,500 jobs in jeopardy. Saab has been in a court-protected restructuring since Feb. 20. No purchase price was ever disclosed.

Joran Hagglund, a senior official at Sweden's Ministry of Enterprise, also traveled to Detroit Monday together with a group of Swedish government representatives, spokeswoman Karin Flygare said.

She said Hagglund is expected to meet with GM representatives in the afternoon.

Beijing Automotive Industry Holdings, which had joined the Koenigsegg group, last week it will re-evaluate Saab, but it stopped short of saying it would make an independent bid.

According to media reports, other interested bidders have also included private equity firm The Renco Group Inc. and investors Merbanco Inc.

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Officials from Saab Automobile AB and the Swedish government traveled to Detroit Monday in a final attempt to help General Motors Co. find a solution for the troubled Swedish auto maker.Saab spokeswoman Gunilla Gustavs said CEO Jan Ake Jonsson would meet with GM management...
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