Detroit, Michigan – Saab Automobile AB will be closed down, following an announcement by General Motors that its sale to Spyker Cars could not be completed.
Spyker Cars had expressed interested in acquiring Saab after Koenigsegg Group AB withdrew its intention. During the due diligence, certain issues arose that both parties believe could not be resolved, and GM will start an orderly wind-down of Saab operations.
“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, president of GM Europe. “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.”
The company said Saab will continue to honour warranties, and provide service and parts to current Saab owners worldwide.
Last week, Saab Automobile AB announced that it had sold certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Company. GM said it expects Saab’s wind-down will have no effect on the earlier sale.