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GM confirms wind down of Saab

Date: 08 January 2010   |   Author: Tristan Young

Masterlease will also no longer provide contract hire and leasing quotations on Saab vehicles

Saab parent GM has today confirmed it has picked AlixPartners to supervise the orderly wind down of the Swedish brand.

"The use of a wind down supervisor is a commonly-used process in Sweden and works in the interest of the shareholder," said a GM statement.

"The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected. As stated previously, Saab customers can be assured that warranties will continue to be honoured and that service and spare parts will continue to be available," the statement continued.

GM also confirmed it had received bids for Saab and that they would also be considered.

GM is believed to be considering three bids for struggling car maker Saab, including one from F1 supremo Bernie Ecclestone acting as the front-man for financial investment firm Genii Capital.

Of the other two bids, the first is from Dutch supercar manufacturer Spyker and the second, the BBC is reporting, is made up of a consortium of Swedish executives.