UPDATED: Saab sale still possible
18 December 2009
Swedish brand Saab could yet be saved, after parent company General Motors confirmed several parties, including Dutch sports car manufacturer Spyker Cars, had made enquiries within two days of GM announcing plans to wind up its ailing subsidiary.
Previous talks with Spyker collapsed last week, leading GM to end a year of uncertainty about the brand's future by announcing another closure, following the termination of the US-based brand Saturn.
Friday's statement was thought to be the end for Saab, as Spyker was seen as the last chance following the withdrawal of Swedish firm Koenigsegg Group as the initial preferred buyer last month.
"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, prior to the latest developments. "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."
The announcement also revealed Saab will continue to honor warranties and providing service and spare parts to current Saab owners around the world.
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