GM Looking For Buyers For SAAB

Back in the summer of 2009 it looked like GM was already to sew up the sale of SAAB to Koenigsegg but the sale has fallen through. GM continues to look for buyers, accepting sales offers, but it will start to liquidate the Swedish based company until it receives the right offer,

Swedish Government

In an effort to save Saab from folding up completely the Swedish government has stepped in to help guarantee the sale for GM. GM has been reluctant to bow to the pressure from the Swedish government to help facilitate the sale. GM has received offers from Genii Capital, a Luxembourg equity investment firm, Dutch car maker Spyker Cars NV, and a group of private investor headed by Jan Nygren, former Swedish deputy prime minister. With all these offers on the table and Sweden’s deal to back up the loan what’s the big hold up? Something seems fishy in the way GM is shopping for buyers while it winds the company down.

Employees Blind-Sided

The employees of the Saab plant and distribution center in Sweden feel betrayed by GM. They live in a kind of limbo about their jobs, not knowing if they will have one in the future if they can expect to be on the street by summer. GM continues to lay off employees and shop around for a liquidation firm to help the company sell off bits of the company. The Saab factory in Trollhaetan restarted on January 11th after a four week “vacation”. Some of the employees shut down production and walked off the job on the 12th to show their frustration in the botched sale of the company. The 3,500 could all lose their jobs if GM can’t find a buyer soon. The liquidation process could take several months all the while GM will still be taking bids.

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About the Author: Hoàng Kang

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