GM to Close Down Saab

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.” (More Saab stories.)