Saab Requests More Time To Reorganize; Says Three Bidders Interested
By Michelle Krebs May 19, 2009
Saab Automobile confirmed it is in talks with three potential buyers, but did not identify them. The automaker has asked the Swedish court overseeing its restructuring for more time to conclude a deal with a buyer. The original reconstruction process was scheduled to end Wednesday.
Saab filed for the equivalent of Chapter 11 in Sweden in February after its General Motors parent said it would sell or spin off the company.
A number of entities had been rumored to be interested in Saab, including Chinese automaker Geely, which has denied the reports, and Fiat, which is negotiating for GM's European operations.
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