DETROIT — General Motors Co. announced Friday it will begin
winding down its Saab operations after concluding “certain issues”
arose that prevented the brand from being sold off to a potential buyer.
GM had hoped to sell Saab to Koenigsegg Group AB, but that
deal fell through last month. Then GM entered into discussions with Spyker
Cars.
“During the due diligence, certain issues arose that
both parties believe could not be resolved. As a result, GM will start an
orderly wind-down of Saab operations,” GM said in a statement.
The Detroit automaker said Saab will continue to honor
warranties and provide service and spare parts to current Saab owners.
“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. In order to maintain
operations, Saab needed a quick resolution,” GM Europe President Nick
Reilly said in a statement.
“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 production and the
distribution channel in an orderly manner while looking after our
customers.”
The failure to sell Saab comes after a deal to sell GM’s
Saturn division fell apart at the last minute and GM’s board of directors undid
a deal to sell the Opel operations.
