General Motors May Be On The Verge Of Selling Saab For Just $1

 Amid rumors that Swedish car maker Saab could be sold for a nominal $1, Swedish businessman Lars Carlstrom told Dow Jones Newswires Wednesday that his consortium will submit a revised offer for the company.

For the bid to be successful, Carlstrom's consortium, which includes Luxembourg-based investment firm Genii Capital and Formula One motor racing entrepreneur Bernie Ecclestone, will have to convince Saab's parent company General Motors (GM) that it has a sustainable long-term business plan for the brand.

"We will submit a clarification, regarding liquidity, cash, and other things," Carlstrom said Wednesday, adding "we're working on it."

Dutch luxury car maker Spyker Cars is also bidding for Saab.

"We are trying to reach agreement with GM on several outstanding issues," Spyker Chief Executive Victor Muller told Dow Jones Newswires Tuesday, adding he expects a final answer from GM by the end of this week.


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