Only some preferential creditors will receive what they are owed when Saab begins to sell off its roughly $532 million in assets. Saab owes about $1.9 billion, according to the automaker's balance sheet.
For its part, GM says that it won't have to write off Saab's debt because it set aside $100 million last year.
Saab's trustees said that employees won't receive any payments unless they worked for Saab Automobile Powertrains, while the country of Sweden will receive some payments for securities in shares.
Bids submitted
Parties interested in acquiring Saab's assets as a whole - presumably also including the brand's intellectual property rights - were allowed to submit bids until 5 pm last night in Sweden.
According to TTELA.se, activity among potential bidders was "high," although the only known bidders include India's Mahindra, a Japanese-Chinese consortium and Youngman, the Chinese Lotus importer that GM blocked from taking a stake in Saab late last year.
Additional bids were said to have been received yesterday.
