Reuters: Bankruptcy News: Administrator to unveil Saab Auto deal Wednesday

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Administrator to unveil Saab Auto deal Wednesday Jun 13th 2012, 05:48 STOCKHOLM, June 13 | Wed Jun 13, 2012 1:48am EDT STOCKHOLM, June 13 (Reuters) - The bankruptcy administrator of Swedish automaker Saab Automobile AB said a deal on the purchase of assets from the insolvent company and its subsidiaries would be presented on Wednesday. The administrator, which did not disclose the buyer of the assets, said a news conference on the matter would be held at 1100 GMT. The carmaker was declared insolvent at the end of 2011 with debts of about 13 billion Swedish crowns ($1.8 billion), around 2.2 billion of which is owed to the Swedish Debt Office. Local business daily Dagens Industri reported earlier this week that NEVS, a consortium to build electric cars, had won the bidding for parts of Saab, beating off a bid from Chinese group Zhejiang Youngman Lotus Automobile. (Editing by Dan Lalor)

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