General Motors (GM) has announced that it is to wind down operations at Saab Automobile after it failed to secure a buyer for the Swedish motor company.
After the withdrawal of Koenigsegg Group in November, GM had been in discussions with Netherlands-based Spyker Cars about its interest in acquiring Saab.
According to GM, issues arose during due diligence that both parties could not resolve, leading GM to announce in a statement that it will start winding down operations at Saab.
‘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,’ said Nick Reilly, GM Europe president. ‘In order to maintain operations, Saab needed a quick resolution.’
‘We will work closely with the Saab organisation to wind down the business in an orderly and responsible manner,’ added Reilly. ‘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.’
Today’s announcement has no impact on last week’s sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co.