Saab’s bankruptcy administrators declared that they are evaluating bids for the company and plan to make a decision until summer.
The final deadline for offers passed on Monday, April 9th, but the administrators did not disclose who the bidders are. The only company which publicly registered its interest in buying the automaker’s estate is Youngman. Rumors say that Mahindra & Mahindra has also made an offer and so has a Japanese-Chinese consortium that wants to produce electric vehicles at Saab.
Hans Bergqvist, the bankruptcy administrator, told the Swedish press that all the bidders want to restart car production at Saab’s plant in Trollhatten, Sweden and that bids are being evaluated as a base for continued discussions. On Tuesday, April 10th, Bergqvist declared that the company has debts of 13 billion kronor ($1.9 billion) and assets of just 3.6 billion kronor and that hopefully the successful bidder will pay more than the assets are worth.
Attorneys Hans Bergqvist and Anne-Marie Pouteaux were appointed on December 19th 2011, when the carmaker‘s Dutch owner, Swedish Automobile, filed for bankruptcy. GM, Saab’s former owner, still controls key technology used by Saab and so it has a say over any possible deals.
“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.”