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.

Tuesday, February 7, 2012

Administrator confirms reception of bids

Today the Saab bankruptcy administrator Hans Bergqvist had invited the media to a telephone conference. At the conference Bergqvist confirmed that they have received "a couple of offers".

"We have received a couple of indicative offers. But a bid is not just about money, it is more complex than that. One must have a well thought out business idea with a realistic implementation process. You can't take over the business and start running it just like that. There must be a long term plan," said administrator Hans Bergqvist to the press.

"We do not assess the suitability of the speculator. But if their business idea involves a third party who needs to give its approval of a take over, then we will naturally check if it's realistic," Bergqvist said and also confirmed that both Beijing Auto (BAIC) and General Motors (GM) do have influence over continued production of the current Saab 9-3.

According to TTELA, Bergqvist also said that two more parties have shown interest in the bankruptcy estate and that none of the initial four to five parties which are interested in the entire Saab business has dropped out.

Earlier reports have said that both Chinese Youngman, Indian Mahindra and an undisclosed European party have placed bids. And earlier today it was even reported that a Swedish-Japanese group working for a Swedish electric car has also made a bid. But any present bid from such a group has now been denied by Tore Helmersson, CEO of Innovatum, and head of communcations at Volvo Cars, Per-Åke Fröberg, denies that Volvo is part of the group. Volvo has however confirmed that it's interested in Saab's test equipment.

But the indicative offers, which are non-binding starting bids, which have been made so far are apparently interesting according to the administrators.

"The bids are interesting, that's why we proceed with them. We want to be reserved with information about the stakeholders and bidding. The expectations that the administrators should finish this in a few weeks, when two reconstructions have failed before, is unreal," Bergqvist said according to Swedish Radio P4 Väst.

If everything proceeds as expected, Bergqvist said he hopes to see an end to the bankruptcy affair in late February. The aim of the administrators is still to sell Saab as one entity as opposed to in parts.

Bergqvist did however not believe that any bid would secure full payment to all creditors.

"I consider that very unlikely."