UPDATE: GM's Saab Expects To Be Sold By End Of June

Saab Automobile AB, which owner General Motors Corp. (GM) is trying to sell, has more than 20 suitors and expects to be sold before the end of June, the struggling Swedish car maker told a Swedish court Monday.

The Vanersborg district court Monday granted Saab an extension of its reconstruction period. The carmaker met with creditors in court and argued successfully that it shouldn't immediately be forced into bankruptcy since it stands a chance of being sold and becoming profitable. Saab, fighting for its survival as its equally struggling parent company has said it seeks to unload its Swedish unit this year, had filed for bankruptcy protection Feb. 20. Saab told the court it needs about $1 billion in the near future in order to continue production at its main plant in Trollhattan, Sweden, and to be able to launch the new models it has developed.

Read Full Article from Wall Street Journal

- Posted: 2009-04-06 08:38:53

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