ALERT: GM to shut down Saab

HOME   |   LATEST NEWS   |   VEHICLE REVIEWS   |   RACING   |   SUBSCRIBE   |   CLASSIFIEDS Friday, December 18, 2009              GM to shut down Saab By Dale Jewett | 12/18/09, 9:12 am et General Motors will shut down Saab after the automaker wasn't able to conclude a deal to sell the brand to Spyker Cars, GM said on Friday. “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," GM Europe president Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution. 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... CLICK HERE TO UNSUBSCRIBE from the AutoWeek Daily Drive E-mail or to sign up for other AutoWeek e-mail products. IMPORTANT: Please add AutoWeek.com to your E-mail Address Book to ensure you will continue to receive our newsletters. Please DO NOT reply to this e-mail. You will not receive a reply if you use this e-mail address. Crain Communications, 1155 Gratiot Ave. Detroit, MI 48207.