Bloomberg: Turkey’s Brightwell Holdings Plans to Bid for Saab Automobile
January 19, 2012 in News
By Ola Kinnander at Bloomberg.com: Brightwell Holdings BV, a Turkish private-equity firm, said it plans to bid for bankrupt Swedish carmaker Saab Automobile and revive its manufacturing.
“We will make a bid very shortly, there’s no question,” Zamier Ahmed, a board member of the Istanbul-based group, said today in a phone interview.
Brightwell, which invests in energy, transport and technology, wants to buy all of the Trollhaettan-based carmaker and plans to keep production in Sweden, Ahmed said from London. His firm is in discussions with the administrators overseeing Saab’s bankruptcy as well as with Saab Chief Executive Officer Victor Muller, Ahmed said.
Saab, owned by Zeewolde, Netherlands-based manufacturer Swedish Automobile NV (SWAN), filed for bankruptcy on Dec. 19 after running out of cash. Production at the plant in Trollhaettan stood still for most of last year starting in March. The company can emerge from bankruptcy if a viable bidder comes along, Muller said last month.
Brightwell will need at least two weeks before submitting any offer as it’s still evaluating Saab’s assets, including inventories, to decide how much to pay, Ahmed said.
Any transaction will require approval from Saab’s former owner, General Motors Co. (GM), as well as the Swedish government and the European Investment Bank, Ahmed said.