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Negotiation with interested party for the Saab take over still not yet started despite many bids

Tuesday, 06 March 2012
The bankruptcy administrator looking after the assets of the Swedish automaker, Saab says no negotiations have even begun with some of those who want to bid on the whole of Saab. However, the estate is selling the smallest assets.

“We sell all the time different types of assets that do not relate to what we call the whole solution,” says liquidator Hans Bergqvist at a press conference by telephone.

The administrators do not provide any details on any bid made and for the big picture, but has previously said that no bids have yet covered the debts.

“Were it otherwise, then the company would not have been declared bankrupt, says Anne-Marie Pouteux, also a bankruptcy administrator.
Still, there are still more bids coming on for Saab despite the deadline for indicative bids set to have closed last Monday.

“We wanted an indication of where the bids are and what they were interested. Now we're in phase two of this process and the next indication we want is an indication of the final bids,” said Hans Bergqvist.

The Chinese company, Youngman had been a for runner to take over Saab for a long time now but GM which still owns some rights in Saab insist not to sell that rights to the Chinese. Infact, GM has been the main stumbling block for the sale of this company to who ever wanted to have bough the cash strapped automaker.
Today, bids continue to roll in.
By Team

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