Breaking: GM Hires Firm to Wind-Down Saab, While Continuing to Evaluate Proposals

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Breaking: GM Hires Firm to Wind-Down Saab, While Continuing to Evaluate Proposals
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The future of Saab just became a little more certain today. Or did it?

General Motors has released in a statement that it has hired on AlixPartners to oversea the wind-down of its loss-making Saab unit. In other words, GM is planning to close the doors on the Swedish automaker, sending the company into liquidation and the employees to the soup kitchen.

But hold on… GM also announced, in the same statement, that it has received several proposals by companies looking to purchase Saab and that it is, “continuing to evaluate these proposals.”

Yesterday GM delayed a board meeting that was to decide the fate of Saab, with rumors that it had given until today to get clear proposals from the two main interested parties: Dutch exotic car maker Spyker and and a newly interested party, Genni Capital.

Recent reports have tied Formula One boss Bernie Ecclestone to the Genni Capital bid.

GM has been trying to off-load Saab since it emerged from bankruptcy, with previous efforts, including a sale to Swedish supercar maker Koenigsegg, having fallen through.

Official GM press release after the jump:

PRESS RELEASE

GM today confirmed it has selected AlixPartners to supervise the orderly wind down of Saab, and has requested approval of the selection by the appropriate authority in Sweden.  The use of a wind down supervisor is a commonly-used process in Sweden and works in the interest of the shareholder.

The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected.  As stated previously, Saab customers can be assured that warranties will continue to be honored and that service and spare parts will continue to be available.

GM also confirmed that it has received several proposals for Saab and is continuing to evaluate these proposals. This evaluation is not affected by the appointment of AlixPartners.

  • Rodney Durso

    As a long time SAAB enthusiast, I felt compelled to do something in the face of GM’s apathetic handling of one of the world’s most beloved brands, and their subsequent arrogance in denying possible suitors for the company. So I’ve created a Facebook Group called “Why We Love SAAB”.
    Take a look and leave comments