General Motors is opposing Saab deal again image

Former owner General Motors Corp. on Saturday said is opposing to the sale of the Swedish automaker Saab to a group of Chinese investors.

“Saab’s various new alternative proposals are not meaningfully different from what was originally proposed to General Motors and rejected,” the spokesman said.

“Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives.”

Earlier this year, Chinese companies Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. offered to buy it for C100 million ($135 million), but GM blocked it. GM has technology licenses in Saab.

Speaking with Swedish daily Svenska Dagbladet (SvD), Saab CEO Victor Mullercountered by saying that “GM doesn’t have anything to say” on a deal in which Chinese automaker Youngman would receive “zero percent” of the shares in Saab Automobile.

“The statement obviously comes from hearsay and is meant to negatively affect Monday’s court proceedings,” Muller told SvD.

Saab, now owned by Swedish Automobile NV, on Monday faces a court-hearing to determine whether it will exit from bankruptcy protection.

A week ago, Saab’s administrator responsible for the restructuration process filed a court application time to end the company’s reorganization due to lack of funds.