Mission Failed: GM Set to Wind Down Saab
There will be no 11th-hour salvation for the once-quirky Swedish automaker. GM announced today that the sale to Holland's Spyker would not go through because of issues that arose during due diligence checks, and that GM would begin winding down Saab's operations.
Because it’s an orderly wind-down and not a liquidation, GM Europe President Nick Reilly said Saab's debts will be paid and that the company would continue to honor warranties and provide service for existing customers. The wind-down has no impact on the earlier sale of various assets, including hardware for the current 9-5, to China's BAIC. The new 9-5, sadly, probably will not make it to a production conveyor.
Source: General Motors