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Buyer found for Saab

Written By Faye Sunderland Published On: Jun 12 2009
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Supercar manufacturer Koenigsegg is set to buy GM’s Swedish marque, Saab.Koenigsegg, a Swedish company itself is set to buy the company with the help of Norwegian investors, the Financial Times reported yesterday.Parent company GM is set to announce it is in talks with the company, a source told the Financial Times.Bankrupt GM is in the process of selling of some of its assets as part of the its restructuring process. The company is already in talks to sell its European operations, Opel and Vauxhall. Last week, GM announced of the sale of Hummer to China’s Sichuan Tengzhong Heavy Industrial Machinery and of Saturn to dealership chain Penske Automotive Group.GM has failed to turn a profit at Saab since buying a stake in it in 1990. In February, GM allowed it to file for reorganisation, and Saab is now seeking to slash its debt by 75 per cent under court supervision.

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