Summary: What’s going on with Saab

In the interests of keeping calm and carrying on……
Right now, we seem to have to concurrent courses of action taking place.

The sale of Saab
GM have received multiple bids. Here at SU, I received notice of four bids directly and we learned about a fifth (Samuelsson-Nygren) from the news services.
News outlets are now talking about four bids being submitted. It would not surprise me, based on information I received from sources, if the AWMS bid (from Florida) was not forwarded to GM by Deutsche Bank.
If AWMS was not forwarded (and i don’t know this, I’m making an educated guess) then the bids remaining are from:

  • Sypker
  • Genii-Eccleston
  • Merbanco
  • Samuelsson-Nygren

More info on each of them – click here.

Wind-down
GM have taken the extraordinary step – just 11 hours after receiving those bids for the sale of Saab – of moving the wind-down of Saab from the planning phase to an operational phase.
Yes, we all heard them talk about planning the wind-down, but actually moving those plans to an operational phase whilst bids are on the table seems inexplicable and has the potential to do tremendous damage to the Saab name and could possibly place those bids in danger of withdrawal (a worst case scenario).
GM have nominated Alix Partners as the liquidator, however there has been some coverage in the press that casts doubt over their eligibility to perform this role.
The nominated party has to be approved by a Swedish government agency. Here’s hoping they act to approve that party with the same speed they’ve demonstrated through other parts of the sale process (i.e. no speed at all).
——
Whilst all that is happening, Saab will be starting production again on Monday. They have orders to fill, which means building some of those new cars we all love.
Go, you good Swedes!
We are all in your corner.
——
The fat lady hasn’t sung yet.
GM can still nominate a successful bidder at any time and the sale can proceed. Here’s hoping it does. There’s no reason why it shouldn’t.

wpDiscuz