It’s Official
GM officially announce the death of SAAB this afternoon, unable to come to an amicable deal with Spyker for the Swedish brand. SAAB has been operating at significant losses for some time and GM couldn’t continue to maintain operations while negotiations dragged on.
“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. We regret that we were not able to complete this transaction with Spyker Cars,” said GM Europe President Nick Reilly.
Saab say they will continue to honor warranties, while providing service and spare parts to current owners.
“We will work closely with the Saab organization to wind down the business in an orderly and responsible manner,” Reilly said. “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.”
