Investors Bid to Save Saab from Bankruptcy image

Since SAAB Automobile declared its bankruptcy, 14 international parties expressed their interest in buying the company or parts of it.

The offers were filled before a deadline, but the company refused to specify how many bids were received or for what period of time. In the end there were left only 6 or 7 companies from the 14 at the beginning.

The only declaration made was that of China’s Zhejiang Youngman Lotus Automobile Co. who told Swedish broadcaster SVT that it has offered to pay around 2 billion Swedish kronor ($300 million) for the automaker.

Saab filed for bankruptcy in December 2011 after giving up on its scramble for a Chinese rescue after General Motors again said it would not sign off on needed technology transfers to new Chinese owners.

“Saab’s end was inevitable. They had dodged the grim reaper for the past year, but in the end, the massive amount of money required to right Saab never materialized,” said Edmunds senior analyst Michelle Krebs. “Despite the brand’s position on the leading edge of safety technology, Saab’s popularity in the U.S. and around the world waned as its product portfolio grew increasingly stale and reliant on General Motors for parts, platforms and design.”