Court papers reveal Saab has selected three potential suitors from ten applications
19 May 2009

Saab has confirmed it has narrowed its shortlist of suitors from ten to three.

The admission was made in a court filing by parent company GM, in which it requested an extension of the period under which it is protected from creditors.

“Among the interested parties three have been selected to continue negotiations on an acquisition of Saab” said the document. “These negotiations will be carried out during the remainder of May in order to select the final candidate.”

Saab says it needs $1 billion (£645 million) in financing to survive and has asked creditors to write off 75 per cent of its $1.4 billion debt (£900 million). Most of that is owed to GM, which is looking to end its 20-year ownership of the Swedish manufacturer.

A decision on the bankruptcy protection extension request is expected from the court late next week.

Richard Webber

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