Bad news for Swedish brand car Saab since General Motors, the parent company decided to gradually shut down Saab, as the following result from the negotiation breakdown with Spyker. Certain issues arose that believed could not resolved by the both parties.
General Motors Europe President, Nick Reilly says that;
“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. 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,” he added.
The General Motors (GM) will assured that it will continue to serve any warranties for the car, while continue providing service and spare parts to current Saab owners around the world. Saab recently sold certain Saab 9-3, 9-5 and powertrain technology, tooling to BAIC (Beijing Automotive Industry Holdings). General Motors also stated that they will concentrate more on it’s core brands, which are Buick, Cadillac, Chevrolet, and GMC, as well as Opel/Vauxhall in Europe market.
