The German automaker BMW, who has signed an engine purchasing agreement with Saab in late 2010, is now interested in buying the entire Swedish company and continue to build new models.
Although Saab has spent the last months trying to rescue the brand, it ultimately had to face the inevitable and consider that filing bankruptcy is in the best interests for its creditors. This means that Saab’s 3,600 employees will face a bleak immediate future.
“After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded,” declared Saab’s Dutch owner.
Besides BMW, there are also six or seven serious bidders, such as Youngman, Mahindra & Mahindra and Turkish private-equity firm Brightwell Holdings, that are interested in buying part or all the company. The Scandinavian automaker has filed for bankruptcy in a Swedish court, is not interested in the company that offers more, but the one whose proposal has the best benefits for creditors, employees and the region.
Although any deal would likely take months to complete, the company can still emerge from bankruptcy if a viable proposition is accepted.