Geely, U.S. investment firms visit GMs Saab Auto

Chinese auto group Geely has visited Saab Automobile, the Swedish carmaker put up for sale by General Motors, a Swedish business newspaper said on Monday.
 
Citing a source close to the situation, Dagens Industri also said 10 potential suitors from the group of 27 parties Saab said earlier this month it had signed confidentiality agreements with had been asked to provide more details of their intentions.
 
"Representatives for Geely were at Saab for an entire day," the source was quoted as saying. A number U.S.-based investment firms had also visited the carmaker for presentations.
 
Saab was not immediately available for comment.
 
The Swedish carmaker said earlier this month it was holding meetings with potential buyers as its seeks to find a new owner prepared to devote the funds necessary for Saab to ride out the steepest auto market downturn in living memory.
 
Saab won more time to restructure in early April when a Swedish court extended the period during which the company is protected from creditors. GM has said it plans to cut ties to Saab by Jan. 1, 2010.
 
Saab's reorganisation plan, submitted to court on April 6, calls for $1 billion of financing to help it overhaul production and launch new models.
From: Reuters

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