Breaking: Saab to be wound down
By Andrew C., 27 Aug, 2010. 0 Comments
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General Motors announced today that the sale of its Saab brand would not be concluded. This came after the withdrawal of Koenigsegg Group AB last month and due to the certain issues that could not be solved with Spyker. "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," said GM Europe President Nick Reilly. "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." In conclusion, after Pontiac, GM will wind down Saab but it will continue to honor warranties, while providing service and spare parts to current owners around the world. It seems that now, GM is planning to focus on its main brand such as Buick, Cadillac, Chevrolet and GMC - and several regional brands, including Opel / Vauxhall in Europe.
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