11th Hour Bids for Saab as Deadline Bears Down
By Chris Weiss
If they don’t get it done now, it may never happen. Various bidders in Sweden, Luxembourg and the Netherlands have been busy making last-ditch Saab bids with the GM-imposed deadline bearing down. The deadline is set for 5 p.m. EST today, at which point GM will officially commit to winding down the brand, a process it’s already begun given the lack of adequate bids.
According to Reuters, GM has cited bidders’ lack of proper financing as a reason that no bid has yet been accepted.
Among the last-minute bidders reported are several Swedish groups, an investment firm from Luxembourg and Spyker, the Dutch luxury automaker which has long been one of the more serious suitors in the Saab hunt.
We’ll see what fate has in store for Saab after the dust clears later this afternoon. [via Reuters]
