GM to Close Down Saab

After another failed sale, GM will begin 'orderly wind-down,' it says
By Harry Kimball,  Newser Staff
Posted Dec 18, 2009 9:16 AM CST
The logos of Saab and General Motors are seen in front of a car dealer in Stuttgart, Germany.   (AP Photo)
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(Newser) – GM has failed in a last-chance bid to sell its Saab unit and will now settle the Swedish automaker’s debts and “wind down production and the distribution channel in an orderly manner.” A deal with Dutch sports-car maker Spyker just fell through, a month after the sale to Koenigsegg also went belly up. Issues that came up in due dilligence could not be resolved, a GM exec tells the Wall Street Journal of the Spyker sale. “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.”

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