Just In: GM To Close Down SAAB After Sale To Spyker Fails

GM has announced today that it will close down SAAB after the sale of the Sweedish brand to Dutch niche car maker Spyker Cars NV could not be completed quickly anough.

“We regret that we were not able to complete this transaction with Spyker Cars,” GM Europe President Nick Reilly said in a statement. “We will work closely with the Saab organization to wind down the business in an orderly and responsible manner.”

source: Autonews Europe

Reily also added that the closure isnt a result of bankruptcy nor a forced liquidation process.

“Consequently, we expect Saab to satisfy debts including supplier payments,” Reilly said, “and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

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2 People have left comments on this post

» Jack said: { Dec 21, 2009 - 08:12:05 }

http://tictacdo.com/ttd/Comfort-Someone-Who-Is-Sad - This is for all the shareholders that have lost money due to GM’s destruction of Saab. This has mismanagement written all over it as in 2006 Saab was enjoying record sales. GM threw out the innovative and truly energy-saving Saab guts and replaced them with cheaper Opals (also going under, as I understand). Anyone know what actually happened over there? Smells like politics to me. Was the Swedish gov stepping on GM’s toes? What a waste – what a shame.

» Jack said: { Dec 22, 2009 - 07:12:16 }

I recently learned that Saab engineers jets for the Swedish Air Force- are they still doing that? Does anyone know?

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