Sweden’s National Debt Office (SNDO) says it is aware of reports circulating that Turkish private equity company, Brightwell Holdings, has withdrawn from the Saab bidding process.
The Turks were among several major parties such as Chinese manufacturerYoungman and India’s Mahindra & Mahindra interested in the bankrupt automaker, but it now appears the field is starting to narrow ahead of any decision by Saab’s receivers.
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The SNDO is closely involved in Saab’s sale process after becoming its largest creditor following its repayment of a US$324m guarantee loan to the European Investment Bank.
In exchange, the debt office has secured pledges in Saab’s parts business and tool manufacturer, the potential sale of which it estimates would cover its huge liability.
“I heard on the radio” [about Brightwell], an SNDO spokeswoman told just-auto. “Basically, it is in the hands of the receivers and we have not changed on that position. Which means we are in touch with them and are given information but they are [the] ones who are handling all the issues and dealings around Saab.
“As far as I know, the receivers are working on selling the whole of Saab – we have not had any reason to question that position. We will get our money back.”
Speculation has centred on a dispute between Brightwell Holdings and General Motors that could have scuppered any deal with the Turks. GM holds licence technologies for Saab and has been previously reluctant to let these go to potential competitors.
The SNDO spokeswoman added she was not aware of her office having discussions with General Motors.
Reports have also suggested Youngman has made a bid of US$300m for the Swedish automaker.
Saab’s receivers, Brightwell Holdings, Youngman and General Motors were not immediately available for comment.
