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GM expected to sell Saab by June

General Motors is looking to have sold its Swedish brand Saab by June, with reports of up to 20 bidders already vying to takeover the company.

Swedish court documents reveal that that are already “extensive contacts” that want to be new owners.

Guy Lofalk, a lawyer who has been appointed by the court to head the restructuring of Saab, said: "So far, a short presentation of Saab has been sent out and extensive contacts have occurred with interested parties."

Saab filed for reorganisation, the Swedish equivalent of going into Chapter 11 bankruptcy protection, back in February.

It needs $1 billion (£681m) to overhaul its production facilities and launch new models. This money would also be used to write off some of the company’s debt and Saab is aiming for positive cash flow by 2011.


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