How things stand with the sales of what remains of the bankrupt Saab automobileTuesday, 31 January 2012
A handful of interested parties that want to purchase the bankrupt Saab Automobile were presented by the administrators on Tuesday morning. But whether a specific buyer will be presented and whether such a buyer has already made a bid, the administrators became tough tight.
"No comments" was the most common response when the Saab bankruptcy administrators, Hans L Bergqvist and Anne-Marie Potueaux held a conference call on Tuesday morning to talk about how the sale of Saab's assets is progressing.
There are four, five stakeholders who are interested in buying the whole according to them.
"We are in dialogue with them about various issues that crop up, "said Hans L Bergqvist at the conference.
But what the speculators are holding is whether any of them have already made an offer to the administrators, there was no comment for that. The Chinese Youngman and Turkish investment company, Brightwell Holdings have openly declared their interest in Saab. Indian Mahindra and Swedish stakeholders have been said to be speculators.
"We do not comment on their identity or something else, "said Anne-Marie Pouteaux.
There are also a number of stakeholders who are interested in buying parts of its operations within according to the administrators, but the main aim is still to sell the business as a whole.
"We have made the assessment that it is there that there could be the possibility to provide the best outcome and therefore we focus our efforts on evaluating it that way as humanly as possible, but time is of vital importance," said Hans L Bergqvist.
AdvertisementIt costs large sums to keep the estate running, even if the administrators do not want to disclose how much, and therefore it is urgent to find buyers.
But on Tuesday, administrators did not give any precise indication of when a business can be stroke.
Question: “When will you be able to present a buyer for Saab and what is the probability that Saab will be sold in pieces rather than as a whole?”
Answer: "We will not go out with speculation or information along the line. We will present a buyer when a buyer has had a written contract,” said Anne-Marie Pouteaux.
Another question: “Do you take into account whether the buyer keeps production at Trollhättan or is it just the highest price that controls?”
Answer: "The question is not so simple. We look at different types of solutions. "
“It is not an end in itself in a sales process, but it is obviously desirable," said Hans Bergqvist.
A fundamental question is how the former owner, the U.S. General Motors (GM), which owns the rights too much of the technology of the current Saab models, will make available to those who may buy bankrupt Saab.
GM’s current stance is that they will not release the technology license, regardless of the buyer's nationality, which thus can be a major obstacle for those who want to buy the Saab and who want to re-start production.
But the administrator did not comment on if they have had any dialogue with the GM.
"All stakeholders would not produce Saab Cars - there may be other interests. We sell a car factory, which we do not define solely in terms that they make Saab cars. One can produce very different things there, "said Hans L Bergqvist.
"The bankruptcy estate includes, of course, intellectual property rights that relate to the models. To the extent that they can be sold and taken over by another is based on how its business plan looks like, it's obviously something we are trying to take advantage, "he continued.
According to the administrators, there are one hundred people who left to work for Saab at the moment and are paid by the estate, including those in Saab's former management. Former CEO Victor Muller is not included in that group, even if the administrators say they have contact with him.
How long the bankruptcy estate funds will last remain a discussion for another day as the administrator could not through any glimpse of light on it. It is expected that some assets, such as stocks and cars, will be sold to keep the estate alive while the process of seeking a buyer drags on indefinitely.
By Scancomark.se Team
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