Three bidders for Saab, 16 for Saturn
3 June 2009

General Motors has confirmed it has three potential buyers interested in its Saab brand, and 16 buyers interested its Saturn brand.

GM's CFO, Ray Young, reported that the company is in discussions with the Swedish government to provide a bridge loan to keep Saab running if it is sold, and added that GM is eager to narrow down the potential list of Saturn buyers.

The Saab sale is thought to be the more imminent of the two. A Swedish court has granted the company bankruptcy protection until 20 August, after which it will have to see a new extension. Reports suggest GM hopes to name a preferred bidder before that date.

Reports suggest GM hopes to be able to sell the loss-making Saturn brand’s dealership network while contracting the new owner to use it to make some of its new cars.

GM is hoping to restructure and emerge from Chapter 11 bankruptcy protection in between 60-90 days.

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