GM shutting down Saab

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December 19th, 2009 Leave a comment Visited 145 times, 1 so far today

GM shutting down Saab

GM has revealed that they could not find a buyer for their Saab brand.

The company is now shutting it down.

Koenigsegg Group had ended their talks to acquire this brand last month.

Spyker Cars too have withdrawn their potential offer for Saab now.

GM Europe President Nick Reilly spoke about the new developments: “Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

GM however clarified that they would still honor warranties. They would also provide support, service and spare parts to Saab owners around the world.

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