It’s official: Saab will be closed down by GM

By Auto News Log • December 19th, 2009

It seems that things have taken a turn for the worse for Swedish carmaker Saab, as its parent company, General Motors, has announced that the brand will be wound down, as negotiations to find a new owner haven’t reached a conclusion.

“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.”

GM has revealed that upstanding warranties, service and spare parts will continue to be offered to Saab owners for quite some time, so no one needs to worry. This was a necessary measure for GM, in order to further enhance its profits and to pay back both the bailout money and its debts. Too bad though that the Swedish brand needed to be sacrificed. In case you wanted any models in the current lineup, you should hurry to a local dealer soon.

Source: GM via Rpmgo.com

 

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