Saab Shuts Down

[cosworth151]

GM has announced that it is shutting down Saab. negotiations with Spyker to take the brand over have fallen through.

“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," GM Europe president Nick Reilly said in a statement.

GM had already sold the Saab 9-5 and other Saab tech off to Bejing Automotive Industry Holdings Co. Ltd. GM says it will honor existing Saab warranties, and all Saab creditors will be paid.

Sad to see another historic marque bite the dust. A friend of mine had a Sonnet 3 back in the 70's, and it was one of the few front wheel drive cars I ever enjoyed driving. I have some fond memories of a couple of Saab 96's, too.

[david1275]

I always had a thing for the 900 and 9-3 convertibles, lovely cars.

[PoleMan]

Real Grunty Motor,Very sad that they have also gone.

[cosworth151]

Yesterday (20 Dec.) Spyker said that it has handed an 11 point proposal to GM in an attempt to re-start negotiation on the purchase of Saab. GM says it will not make any comments until evaluations of the proposal have been completed.

I just hope it doesn't turn into the same kind of fiasco that the MG-Rover buy out turned out to be.