F1 boss Bernie Ecclestone and investment company Genii Capital are reported to be gathering finance to prove to GM they can fund the purchase of Saab.
Swedish daily newspaper Dagens Industri reports that Ecclestone and Genii are depositing '500 million to one billion' crowns (£56m to £112m) in an account, in order to convince GM that their bid for Saab is serious.
"I have had contacts with GM, who have given us a deadline of the beginning of this week, which I interpret as Monday through Wednesday," Genii spokesman Lars Carlstrom said.
Carlstrom added that, in addition to the cash sum, a buyer must be able to show it doesn't need a loan from the European Investment Bank.
"That is an absolute condition from GM's side and one of the keys to being able to buy Saab," Carlstrom said. "No one knows if the EIB would agree such a loan."
Reports suggest GM wants potential buyers to demonstrate they have £1.1bn to invest in Saab in the long-term, including £125-£250m in cash for immediate investment.
However, it remains uncertain that GM will sell Saab, with a GM Europe source telling Autocar at the weekend that the company had already booked shipping to transport tooling for the new Saab 9-5 to its Buick production facility in China.
'Saab closure decided' - report
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Re: Bernie gathers cash for Saab bid
just so people are aware. GM don't need to 'turn' the 9-5 into a Buick because the Buick La Crosse is the almost the same car. SAAB have engineered the 9-5 slightly different which would still fit the Buick. SAIC are already building the La Crosse the extra tooling will just help increase production there.
Like the coment about GM don't want to build cars in Sweden anymore. They don't need to just sell the figgin brand and factory and problem solved.
Considering GM thought they could re-badge an Impreza and call it a SAAB. I wouldn't put it beyond them to think that can close SAAB's home base and start building them in China. If they do I'm sure it will be followed by yet more negativity and a scratching of heads why the plan didn't work.
Re: Bernie gathers cash for Saab bid
Go Bernie - Ed Whitacre said 'it's real simple, show me the cash' - well, take him on, expose the double talk whereby GM would rather close Saab and flog the plant and noew models to China, Buick whoever. There are 5 viable bids on the table, at least 2 of which are cash, no excuses GM!!!
Re: Bernie gathers cash for Saab bid
It's very true, and I completely agree, when everyone has to say that GM is being very arrogant, and has been showing double standards. Selfish lot they are. Never gonna buy a GM...i've been a saab owner for 2 years. Perhaps they just don't want to sell it, and are just creating a show.....maybe they don't want Saab's technology and the new 9-5 to fall into anyone's hands....