DealZone

Saab story ends

December 18, 2009

It’s official. General Motors will wind down operations at its loss-making Swedish unit Saab after an attempt to sell it to small Dutch luxury carmaker Spyker Cars failed. Things were already looking dire for a deal weeks ago. GM said early in the month it would consider offers for Saab until the end of the month and move to close the Swedish unit then if it appeared that it couldn’t be sold. Given it couldn’t save Saturn or Pontiac, Saab’s prospects for a GM-engineered solution had been slim at best.

GM said the move was not a bankruptcy or forced liquidation process. Saab will satisfy debts, it said, including supplier payments, and Saab operations will be wound down in an orderly fashion.

Niche luxury carmaker Koenigsegg was another last-ditch possibility that fell through for the Swedish automaker, which did manage to sell some assets to China’s BAIC. Saab has around 3,000 staff, and about the same number in other businesses are going to find the Scandinavian winter particularly cold this year.

Comments
One comment so far | RSS Comments RSS

How embarrassing for Sweden to give up one of its icons.
The same goes for Jaguar, Land Rover, and Rolls Royce.

Is there no more pride left in this world?

Swedish Pride: Made in China. (SAAB STORY)

Posted by BILDERBERG | Report as abusive
 

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