Loss-making General Motors unit Saab Automobile said on Thursday it had signed confidentiality agreements with 27 potential suitors in its efforts to find a new owner to help it survive the downturn.
Saab’s court-appointed administrator said earlier this month that about 20 potential buyers were looking at the company and that a deal was expected to be completed in June. “It is of course positive that there has been this level of interest,” Saab spokeswoman Gunilla Gustavs said.
The Swedish carmaker had held meetings with representatives of potential buyers this week, she added. “We are now in an intense and more organized phase of presenting the company to potential interested parties,” she said.
The carmaker won more time to restructure in early April when a Swedish court extended the period in which the company is protected from creditors. GM has said it plans to cut ties to Saab by January 1, 2010.
Saab’s reorganization plan, submitted to court on April 6, calls for $1 billion of financing to help it overhaul production and launch new models. (Reuters)