Potential new Saab buyer Brightwell Holdings says former CEO Victor Muller left “something tantamount to a carbuncle” as the Turkish company rakes through the ashes of the bankrupt automaker.
Private investment company Brightwell is undertaking due dilligence as Swedish receivers handle Saab’s bankruptcy, but has fired a shot across Muller’s bows as it looks to possibly make a bid for the manufacturer, whose rescue proposal foundered on General Motors’ objection to involvement by Chinese manufacturer Youngman.
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“Mr Muller has left something tantamount to a carbuncle,” Brightwell Holdings partner Zamier Ahmed told just-auto from Istanbul. “This [Saab] needs to be very carefully put into some degree of order.
“We have been in discussions with Victor Muller for several months to try to come to some sort of arrangement. I told him if you continue with the Chinese line, there is a very strong possibility the company would go into liquidation because GM would not agree.”
However, given Brightwell’s Turkish roots, Ahmed estimates GM might not have a problem with it using some of Saab’s platforms. The US automaker had said it would not agree to existing technology licences or the continued supply of 9-4X vehicles to the Swedish manufacturer if there was a – Chinese – change of control. GM has a major existing relationship with Chinese company, SAIC.
“We are in discussions with GM – very, very cordial discussions,” said Ahmed. “Victor Muller had very big problems with GM as trying to sell the company [Saab] 100% to the Chinese was a conflict of interest [because] GM has a very substantial joint venture in China. “To give that platform and go to China and compete, did not make economic sense.
“We have no conflict of interest to continue production in Sweden or continue partial production. If GM is happy with us, we will continue making these platforms absolutely. Of course, if these platforms are close to being obsolete, we would not continue.”
Ahmed told just-auto that although Brightwell was interested in Saab in its entirety, it could move a substantial part of the Swedish manufacturer’s supply chain out of Europe, should its bid be accepted.
The Brightwell partner lauded the expertise and scope of the Turkish components sector as potentially providing part of any new supply chain – and one that could significantly slash Saab’s high cost base.
Other manufacturers such as Indian Mahindra & Mahindra have also been linked with any buyout.
