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.