Bankrupt SAAB still doesn’t have a buyer image

The receivers for bankrupt automaker Saab are talking with several bidders and would like to sell the carmaker as a whole, but there have been no formal bids yet, they said on Saturday.

However, Turkish equity firm Brightwell Holdings plans on placing a bid to buy the Swedish car company. Chinese group Zhejiang Youngman is also still showing interest.

Any bid from Brightwell Holdings will probably have more chance of success that a new bid from China’s Youngman as there is unlikely to be the same sort of obstacles put in the way of a sale to Turkey as GM did with bids from China.

Brightwell will need at least two weeks before submitting any offer as it’s still evaluating Saab’s assets, including inventories, to decide how much to pay, Zamier Ahmed, a board member of the Istanbul-based group said.

Any transaction will require approval from Saab’s former owner, General Motors Co., as well as the
Swedish government and the European Investment Bank, Ahmed said in an interview with Bloomberg.

The Swedish carmaker was declared bankrupt by a court in December, ending a nine-month battle by its Dutch owner, Swedish Automobile NV, to stay afloat. It has not made any vehicles since April and several rescues have failed.