Selling Saab Won’t Cover the Total Debt image

Receivers handling Swedish carmaker Saab‘s bankruptcy estate believe that selling the company will not cover the total debt of $1.8 – $1.97 billion.

The final bids should end by April 10th, and although a few companies showed interest, the selling of Saab‘s estate – the carmaker Saab and subsidiaries Saab Automobile Powertrain and Saab Automobile Tools – will only cover part of the debt. The companies who are interested in acquiring Saab are interested in building cars using Saab technology. The receivers declared that they cannot give a timeline for the possible sale, but they plan to present an inventory of Saab‘s estate on April 10th.

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.”