What automobile company is Koenigsegg considering buying?”
The quirkiness of Saab’s past may finally be set to return as the company has been given approval by local courts to achieve independence from General Motors and take on a new partner. GM confirmed in its most recent viability plan that it will no longer supply Saab with funding and that the Swedish company would become an independent business as of January 1, 2010. In the meantime, Saab is looking for a new owner and could announce one within the next two months. In its own turnaround plan presented to creditors last month, the company revealed that it is seeking to write-off roughly three quarters of its non-prioritized debt, aiming for positive cashflow by 2011. After deliberating on the turnaround plan, Swedish courts have given Saab until tomorrow to reorganize, though this date may be extended. Saab spokeswoman, Gunilla Gustavs, has now revealed to Automotive News that there are three remaining bidders left for the company and the sale process will continue despite GM’s expected
Swedish luxury auto company Koenigsegg is among the remaining suitors interested in buying General Motors’ Saab Automobile unit. Saab has narrowed the list of suitors to three, and hopes to have a deal concluded in the coming weeks after its U.S. parent, which is facing bankruptcy, said earlier this year it would cut the brand loose by year-end. The other front-runner for Saab is U.S. financier Ira Rennert and his Renco Group. The third remaining suitor is Italian automobile company Fiat, which is also in the running to take over another of GM’s European units, Germany’s Opel.
In addition to the pending Fiat-Chrysler deal, it seems that the Saab marque is also on the chopping block and it’s none other than Koenigsegg that is the frontrunner for snatching up the automaker. Saab is currently a part of the General Motors family and GM is currently in the process of restructuring its business. As part of this effort, it will be ditching some of its brands and Saab is of these niche brands. Koenigsegg probably isn’t the first name that comes to mind when it comes to commuter vehicles like those sold by Saab, since Koenigsegg is more about making limited production supercars. In addition to Koenigsegg, other parties interested in Saab include Renco Group (USA), Fiat (Italy), Geely Automobile Holdings (China), and an unnamed German commercial bank. Should Koenigsegg be successful in its bid, it fully intends on keeping Saab as a Swedish brand.
