Vehicles That Drove GM to Bankruptcy

GM vetoes deal involving Chinese company

(NEWSER) - Saab finally threw in the towel today, after former owner General Motors once again vetoed a rescue plan involving China’s Zhejiang Youngman Lotus Automobile. Saab’s current owner, Swedish Automobile, filed for its bankruptcy, saying that "the company, without further funding, will be insolvent, and that filing bankruptcy is in the best interests of its creditors." Saab hasn’t made any cars since April, thanks to growing debts, Reuters reports. More»

(NEWSER) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and $200 million, a source told Bloomberg. More»

GM courts foreign buyers in fire sale

(NEWSER) - Renault is in talks with General Motors about acquiring its Saturn brand, the Wall Street Journal reports. Demonstrating the considerable foreign interest in GM divisions, China’s Geely Automobile Holdings has submitted a bid for Saab. GM is looking to cut unprofitable units ahead of a June 1 restructuring deadline. Buyers of Saturn and Saab likely wouldn’t put any cash down but would assume all costs of maintaining the divisions. More»

(NEWSER) - Saab applied for protection from creditors today, after parent company General Motors said this week it planned to cut the company loose, Bloomberg reports. In a process much like Chapter 11 bankruptcy, the Swedish automaker will restructure and look for funding with the goal of spinning off from GM or being sold; GM said several days ago it would dump Saab, after 2 decades of losses, unless the Swedish government offered a bailout. More»

Dutch luxury car maker Spyker snaps up dying brand

(NEWSER) - GM has reached a deal to sell its otherwise doomed Saab brand to Dutch luxury car maker Spyker Cars NV for $74 million in cash and $326 million in preferred stock. The deal is dependent on Sweden agreeing to guarantee a $563 million European Investment Bank loan to the Swedish Saab brand. The sale is expected to close in February, Bloomberg reports. More»