TTELA: Several interested parties submitted bids
April 10, 2012 in News
FROM TTELA: The activity among the interested parties for Saab was high today as the deadline to submit final bids expired at 17:00. The bankruptcy administrators explains to TT that they are hoping to get a bid for more than the 3,6 billion SEK which Saab’s value has been estimated to.
Saab’s bankruptcy administrators explained last week that the parties who are bidding for Saab as a whole had until today to submit a final bid. The known parties are Mahindra, Youngman and the Japanese-Chinese consortium. According to sources to TTELA at least one or more have raised their bids just before the time-limit expired. From Youngman a lot of activity is to have taken place yesterday.
The bankruptcy administrator Hans Bergqvist confirms to TT that new bids were received today.
- We are evaluating them
TT: You have earlier talked about a handful of parties, have all of them submitted final bids?
- They remain, none have jumped ship. The interested parties who have followed us during this process are still here, without saying who or how many remain.
- We see this as a base-point for continued discussions, say Bergqvist.
If this deals goes through, will there be car-production in Trollhättan again?
- Everyone wants to build cars, and all of them wants to continue with Saab in one way or another, say Bergqvist.
- These parties have different abilities to do what Saab wanted to do. They see possibilities to use whatever is inside Saab to accomplish this.
Bergqvist concludes that the almost ten year old 9-3 is more or less free-for use, but there are other models that GM owns the right to and where a permission from GM is needed. The ambition of the administrators is that a deal is to be completed before the summer. The most important thing for the interested buyers are to get back large parts of the employees and this becomes more difficult as time passes.
- Luckily there are many left in the proximity and a firm owner and an exciting concept can get a lot of them back, say Bergqvist and adds: What is fun about this is that the knowledge within Saab is ranked very high on the world-market. This is honorable for Saab and the employees.
At which price do the administrators expect to get for Saab, Bergqvist is unwilling to disclose other than that they are hoping for a complete sale for more than the 3,6 billion SEK which Saab has been valued at.
- It’s a “slaughter value” (swedish expression)