Administrators
for Saab said Wednesday they have found a buyer for the ailing Swedish
automaker.
The new owner,
who was not named, will be presented later Wednesday at a news conference, the
administrators said in a statement.
The car maker
filed for bankruptcy in December last year after its previous owner, the Dutch
group Spyker, later named Swedish Automobile, failed to get backing for Saab.
Trustees have
previously said six or seven potential investors had been mulling plans to save
the brand from dissolution.
In recent
months, a handful of suitors have bid for Saab amid rumors that a Swedish
consortium, National Electric Vehicle Sweden, would be the potential new
owner.
In April, a
summary of Saab's balance sheet showed the company has debts of 13 billion
kronor (US.9 billion) and assets of around 3.6 billion kronor.
The debts
include claims of 2.2 billion kronor from the Swedish state, 606 million kronor
from former owner General Motors Corp. and 513 million kronor from former
employees.
Saab also owes
GM 2.2 billion kronor it paid for preferential shares but the American
automotive company would only be entitled to that if the bankruptcy produced a
surplus, the trustees said.
Trustees have
said that mainly preferential creditors, or those who hold securities for their
claims, will receive money.
Originally an
aircraft maker, Saab entered into the auto market after World War II with the
first production of the two-stroke-engine Saab 92. It soon became a household
name in Sweden
and in the 1970's it released its first turbocharged model — the landmark Saab
99.
To auto
enthusiasts, Saab was known for its quirks such as placing the ignition lock
between the front seats and becoming the first car to have heated seating in
1971.
GM bought a 50 percent
stake and management control of Saab in 1989, and gained full ownership in
2000. The aircraft and defense company with the same name remained an
independent entity, building fighter jets and weapons systems.
Saab
Automobile's sales peaked at 133,000 cars in 2006. After that, sales dwindled
to 93,000 cars in 2008 and just 27,000 in 2009, as GM — itself in bankruptcy
protection following the financial crisis — prepared to wind down the Swedish
brand. (nvn)
