GM preparing to narrow Saab suitor field, sees deal by ‘early summer’

Friday, May 8th, 2009...9:00 am

GM preparing to narrow Saab suitor field, sees deal by ‘early summer’

The quirkiness of Saab’s past may finally be set to return as the company has been given approval by local courts to achieve independence from General Motors and take on a new partner. GM confirmed in its latest viability plan that it will no longer supply Saab with funding and that the Swedish company would become an independent business as of January 1, 2010.

Saab is currently looking for a new owner and could announce one within the next two months. In its turnaround plan presented to creditors this week, the company revealed that it is seeking to write-off roughly three quarters of its non-prioritized debt, aiming for positive cashflow by 2011.

2010 Saab 9-3X