Potential new buyers emerge in fight to save Saab

General Motors will "begin an orderly wind-down" of its Saab unit if no buyers for the money-leaking Swedish carmaker are found by the end of this month.

GM's board met to decide Saab's fate after a group led by Sweden's supercar-maker Koenigsegg Automotive and including China's Beijing Automotive Industry Holding Corp dropped out of a deal to buy the company. About 4500 jobs at Saab are at stake.

The board - only days before chief executive Fritz Henderson resigned - put off a final decision on Saab until the end of the month, after it said new potential buyers had emerged.

Sweden's Enterprise Minister Maud Olofsson said it was too early to say if Saab would survive.

"We have won a little time," she said. "It is a complicated issue to buy Saab. The buyer needs to have enough financial muscle to buy the company and to develop Saab."

She said Sweden's government would do all it could to help the process.

GM would not identify the potential bidders. China's BAIC has said it would re-evaluate Saab but stopped short of saying it would make an independent bid.

BAIC ranks 10th among China's carmakers and initially wanted to gain access to Saab's vehicle technology by taking a stake in Koenigsegg. BAIC would then help revive Saab by increasing its vehicle sales in China.

Analysts say the Chinese firm may still bid for some Saab assets, but was unlikely to go solo on bidding for the company.

A new bidder could be Dutch super sports carmaker Spyker Cars NV and its Russian owner, Converse Bank.

Spyker apparently wants Saab because of Saab's strong image. Also, GM's plans for the brand, such as a new 9-4X crossover, "look extremely viable" to Spyker's management, say reports.

The failed Saab sale marks the third time this year that GM couldn't close a deal for an unwanted brand that it is shedding as part of its reorganisation.

GM decided to close its Saturn brand after a deal with US car dealer Roger Penske fell through. It put its European badge Opel up for sale, then withdrew it, deciding Opel was too heavily integrated into the company for GM to let it go.

GM bought 50 per cent of Saab in 1989 for about US$700 million. It paid US$125 million and assumed debt for the rest of the unit in 2000.

But the Swedish luxury brand, best known for its 9-5 and 9-3 sedans, has consistently lost money over the past 20 years.

Saab has said it lost about US$340 million in 2008.

The Motor Industry Association said it had sold 17 Saabs in New Zealand so far this year.