IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Monday, February 6, 2012

Undisclosed European bid on Saab bankruptcy estate

According to Swedish business newspaper Dagens Industri, an undisclosed European party has placed a bid on the Saab bankruptcy estate. Information is sparse at the moment, we do not know who this party is and whether it has placed a bid on parts of the bankruptcy estate or the entire estate.

The paper also writes that last week's rumors that the administrators wanted to sell Saab in parts are not true. The goal is still to sell Saab in its entirety to one buyer.

"The administrators can sell to whomever they want. It is the buyer's problem to restart the car production and the business," Fredrik Sidahl, CEO of the Swedish supplier asssociation FKG, told Dagens Industri.

In other words, if the buyer thinks it needs an approval from General Motors or Chinese Beijing Auto (which in 2009 bought the rights to the old Saab 9-5 and 9-3) to start producing Saab cars, then it is the buyer's responsibility to get that approval. The administrators will not meddle.

I hope we can get more clarity on the European bid during the day.