Sweden: Saab needs new owner to get government help

According to U.S. Saab dealers, General Motors executives were surprised by the speed at which Swedish brand Saab filed for bankruptcy last week. Dealers said that GM had few answers for dealers including questions on buying back inventory.

Separately, Industry Minister Maud Olofsson said that the Swedish government is not willing to consider loan guarantees to Saab unless the automaker can find a private investor to help turnaround its business.

“We need to know there is a secure ownership which takes responsibility for the business plan so that it (Saab) can show a profit in 2012, 2013,” Olofsson said.

Saab’s CEO Jan-Ake Jonsson has recently said that the Swedish automaker has seen interest from many potential investors and other automakers. Saab was granted protection from creditors by the Swedish government on Feb. 20.

Source: Reuters