20 buyers interested in Swedish car maker Saab | autos | Hindustan Times
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20 buyers interested in Swedish car maker Saab

autos Updated: Apr 06, 2009 15:12 IST

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Saab Automobile, the troubled Swedish unit of General Motors Corp., is in contact with around 20 potential buyers, with a sale planned to be completed in June, the car maker’s lawyer said on Monday.Lawyer Guy Lofalk, who is in charge of the restructuring of Saab, said a sale of the company is a “crucial prerequisite for a successful reconstruction.”“So far a short presentation of Saab has been sent out and extensive contacts have occurred with interested parties,” he said in a court document presented to creditors in the Vanersborg district court on Monday.

Saab went into bankruptcy protection on Feb. 20 in an effort by GM to spin off or sell the unit. The danger of a collapse still hovers over the ailing brand because neither GM nor the Swedish government appears ready to provide enough money to keep it going as a freestanding entity.Monday’s court hearing gives creditors an opportunity to challenge the reconstruction process and will decide if the bankruptcy protection can continue.