Saab: No Deal With Spyker, Brand to be Discontinued

It was announced this morning that there will be no sale of Saab to Spyker. GM Europe President Nick Reilly made a statement regarding the status of the brand.

We regret that we were not able to complete this transaction with Spyker Cars,” GM Europe President Nick Reilly said in a statement. “We will work closely with the Saab organization to wind down the business in an orderly and responsible manner.”

Reilly added that Saab’s closure is neither a bankruptcy nor a forced liquidation process.

“Consequently, we expect Saab to satisfy debts including supplier payments,” Reilly said, “and to wind down production and the distribution channel in an orderly manner while looking after our customers.

Deals with Koenigsegg and Spyker could not be completely quickly enough to save Saab from extinction this month. It will share a similar fate as two other GM brands – Saturn and Pontiac.

Source: Automotive News

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