Dow Jones: Saab Auto Receivers Sees Total Debts At SEK12 Bln To SEK13 Bln

STOCKHOLM (Dow Jones)--The official receivers of bankrupt Saab Automobile AB and two of its subsidiaries said Tuesday they calculate that the Swedish car maker's total debts are between 12 billion and 13 billion Swedish kronor ($1.8 billion and $2 billion).

The full probate will be published Tuesday, April 10, which is also the deadline for interested parties to place their final bids for Saab Automobile's assets.

The receivers, Hans L. Bergqvist, a partner at law firm Delphi, and Anne-Marie Pouteaux, a partner at Wistrand, said a handful of parties are interested in buying Saab Automobile's facilities in Trollhattan, Sweden. All of them are interested in producing cars at the plant.

Chinese car maker Zhejiang Youngman Lotus Automobile Co. has confirmed that it is one of the parties bidding for Saab Automobile's assets. Youngman was one of the Chinese investors that stepped forward to rescue the struggling Swedish company, when it ran out of cash last year and was forced to seek court protection from its creditors.

But General Motors Co. (GM) refused to license the technology, which provides the basis for Saab's existing models, to any purchaser likely to compete head-to-head with it in China, where the group is a big player.

Saab Automobile, which filed for bankruptcy last December, was owned by Dutch car maker Swedish Automobile N.V. (SWAN.AE).

Source: Wall Street Journal

Here go again!