Here's a short summary of the latest Saab news concerning the bankruptcy.
Sweden's National Debt Office (NDO), which last week paid back Saab's EUR 217 million loan to the European Investment Bank and by doing so took one big step towards ownership over the company Saab Automobile Parts AB which acted as security for the loan, is now taking the necessary steps to take over two available board positions in the company.
Saab Automobile Parts, on its part, is reported to be in the process of hiring approx. 50 former Saab workers.
Saab Automobile Parts will survive no matter what happens with the bankrtupcy estate after the Saab bankruptcy. At the time being still under the wings of the bankruptcy administrators, but if not a credible buyer of the entire Saab operations emerge, the NDO will take over the company and run it or sell it.
The bankruptcy administrators today said that 4-5 parties have shown interest in acquiring the entire Saab business and 5-10 are interested in parts of the business.
One of the parties which was rumered to be interested in the entire business is Indian Mahindra & Mahindra. Now IndianCarsBikes writes that Mahindra is said to be teaming up with an unnamed private-equity firm to place a bid of $200-300 million for only parts of the Saab business. I am however a bit uncertain about the credibility of this report due to other factual errors in the report.
Saab's North American operations, Saab Cars North America (SCNA), is trying to survive the bankruptcy in the parent company and find a new life as a Saab spare parts supplier. But now 40 Saab dealers are reported to be filing for involuntary bankruptcy in SCNA, which could mean that the company has reached the end of the line.
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
