GM will close Saab; sale to Spyker fails
Saab will be closed down, its parent General Motors Co. announced today after concluding that a sale of the Swedish brand to Dutch niche car maker Spyker Cars NV could not be completed quickly enough.
“We regret that we were not able to complete this transaction with Spyker Cars,” GM Europe President Nick Reilly said in a statement. “We will work closely with the Saab organization to wind down the business in an orderly and responsible manner.”
Reilly added that Saab's closure is neither a bankruptcy nor a forced liquidation process.
“Consequently, we expect Saab to satisfy debts including supplier payments,” Reilly said, “and to wind down production and the distribution channel in an orderly manner while looking after our customers.”
Source: GM will close Saab; sale to Spyker fails
“We regret that we were not able to complete this transaction with Spyker Cars,” GM Europe President Nick Reilly said in a statement. “We will work closely with the Saab organization to wind down the business in an orderly and responsible manner.”
Reilly added that Saab's closure is neither a bankruptcy nor a forced liquidation process.
“Consequently, we expect Saab to satisfy debts including supplier payments,” Reilly said, “and to wind down production and the distribution channel in an orderly manner while looking after our customers.”
Source: GM will close Saab; sale to Spyker fails
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