Credit crunch watch: Saab deal in the balance (From The Northern Echo)

Credit crunch watch: Saab deal in the balance

5:15pm Tuesday 29th December 2009 in News

THOUSANDS of Saab employees will find out if the beleagured Swedish car maker has a future within the next week.

Tiny sportscar manufacturer Spyker is understood to be back in the running to buy the iconic brand from General Motors (GM).

GM bosses appeared to have withdrawn from negotiations due to fears that Spyker's Russian backers only wanted Saab to asset strip the company.

They feared the Russians would simply move Saab's technology - developed at great expense by GM - back to Russia where it would be integrated into struggling marques like Lada.

But now Spyker says it has found alternative means of funding and the Russians are no longer involved.

The identity of Saab's new white knight is a closely guarded secret, but is believed to be a Swedish billionaire.

In another bizarre development it seems the new Saab 9-5 saloon is set to live on no matter what happens.

The 9-5 was just weeks away from launch when GM pulled the plug.

Now GM chiefs are examining a plan to rebadge the car as a Buick and sell it in North America.

If it goes ahead the plan may also see the 9-5 offered to Vauxhall/Opel as a large saloon to sit above the Insignia.

However, if Spyker gets its way the car will still be sold with a Saab badge.