Report: Saab delays board meeting as more bids come in

As the sale deadline grows near, Saab has postponed a board meeting and bidders such as Spyker Cars NV make last-ditch efforts to acquire the Swedish automaker before GM once and for all decides its fate.

On the agenda will be a strategizing session examining how the company can re-start production after a four-week break, and discussions regarding the bid process. Genii Capital, a private-equity firm that agreed to purchase a majority stake in Renault’s Formula One team last month, intends to hand in a cash offer some point today, according to an investor close to the process.

Spyker plans to submit a plan before today’s 5:00 p.m. deadline in New York, and Genii will be using the business plan of former bidder Koenigsegg Group. Genii says that they could make Saab a profitable company by 2012.

Saab board member Haakan Danielsson has said that unless directly instructed to do otherwise, the company plans to produce cars to fill the orders it has on the books as of right now. A delegation from the Swedish government has also made their way to Detroit so that GM is fully aware of the willingness of the EU and Swedish government to offer certain assistance to keep the company running.

– By: Stephen Calogera

Source: Bloomberg