Eric Geers News
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A Chinese-Japanese investment group agreed to buy Saab Automobile and convert the bankrupt Swedish manufacturer into a maker of electric cars.
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Saab Automobile staved off bankruptcy after a Swedish court granted the struggling carmaker’s appeal for protection from creditors, giving it a chance to restart production.
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Saab Automobile said companies are “showing interest” in partnering with the Swedish carmaker as it works through a court-approved reorganization.
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Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said the Fed will probably need to raise interest rates before mid-2013 and that policy makers should have waited to see how the economy performed before pledging to hold rates at record lows for two years.
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The bankruptcy of Saab Automobile has left the carmaker’s 900 dealers around the world scrambling to reinvent themselves, sometimes in creative ways.
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Saab Automobile’s parent announced a deal to sell the Swedish carmaker to two Chinese companies in an effort to save the cash-strapped automaker from bankruptcy.
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Saab Automobile , the cash-strapped Swedish carmaker owned by Spyker Cars NV , is negotiating an investment and production deal with three Chinese carmakers, which may result in a deal within days, two people with direct knowledge of the matter said.
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Saab Automobile, the unprofitable Swedish carmaker General Motors Corp. is selling, won a three- month extension to reorganize, giving it more time to complete the sale and reach a debt-reduction agreement with creditors.
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Saab Automobile is working primarily on raising more funds to survive over the next several days, while not ruling out filing for reorganization to protect itself from creditors, a spokesman said.
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Saab Automobile’s chances of avoiding bankruptcy dwindled after the two Chinese companies that had agreed to invest in the company instead offered to buy it for a token sum, people with knowledge of the matter said.
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