U.S. Investor Backs Out Of Saab Deal

STOCKHOLM (AP) -- San Diego-based investor Mark Bishop has stepped down from the board of Saab-buyer Koenigsegg Group AB, a document filed with the Swedish Companies Registration Office showed Thursday.

The document confirms media speculation that Bishop, who was registered with a 22.2 percent ownership in Koenigsegg Group, has opted out of the deal.

The document didn't include any explanation of Bishop's decision, or information about any successor, and Koenigsegg officials weren't immediately available to comment.

General Motors Corp. said last week it signed a deal to sell Saab to newly formed Koenigsegg Group, but Swedish government officials warned that more capital is needed before the deal can be closed.

Koenigsegg Group Chairman Augie K. Fabela II said about 3 billion kronor ($412 million) were still needed, in addition to a loan from the European bank, according to an interview in Swedish business daily Dagens Industry.

According to the initial registration, Koenigsegg Group's shareholders were Koenigsegg Automotive AB with a 23.4 percent stake, its owner and CEO Christian von Koenigsegg's firm Alpraaz AB with 42.6 percent, Norwegian holding company Eker Group with 11.8 percent and Mark Bishop with 22.2 percent.

More in Supply Chain