Co. says today it will continue to consider bids for its Saab Automobile AB unit but at the same time takes another step toward winding down the 65-year-old brand.
GM hires Alix Partners LLP, an international consulting firm specializing in corporate restructuring, to function as wind-down supervisor for Saab. The wind-down is expected to take several months.
Alix Partners also is conducting liquidation of GM’s pre-bankruptcy entity,Corp.
At the same time, GM confirms it has received several bids for the Swedish-based auto maker and will continue to evaluate them during the wind-down.
Cars N.V., widely assumed to be the leading bidder, confirmed late yesterday it has submitted another sweetened offer for Saab. It is the third offer from the Dutch niche-vehicle maker.
Genii Capital, a Luxembourg-based private equity firm, said yesterday it also is supporting an investment group to close a Saab transaction.
Meanwhile, a research note from analyst Ian Fletcher at IHS Global Insight in London cites former MAN SE CEO Hakan Samuelsson and onetime Swedish minister Jan Nygren as reported bidders.
GM had a preliminary deal for Saab last year with Swedish sports-car maker Koenigsegg Group AB, but it fell through.
Earlier this week, GM Chairman and CEO Ed Whitacre expressed little optimism for Saab’s survival, lamenting “no one has shown up with the money.”