What’s Swedish automaker Saab worth? According to some reports, just $1.

Recent rumors have suggested that a partnership between Genii Capital, Formula One boss Bernie Ecclestone and Swedish businessman Lars Carlstrom will offer General Motors one hundred shinny pennies or the loss-making Swedish automaker, saving GM the cost of shutting it down. GM has already hired AlixPartners as a wind-down firm, but the cost of shuttering Saab could be as high as $145 million.

The well-backed group hopes to convince GM that it has a long term business plan for Saab.

And while gaining a dollar versus spending $145 million might seem like a practical solution, there are more factors involved as GM will most likely generate a significant amount of cash from the liquidation of Saab. On top of this, there’s a lot on the line for GM, with plenty of R&D spent developing the new 9-5 model. And while GM wants Saab on its feet, an overly competitive Saab using GM’s technology might create problems for America’s largest automaker down the road.

GM has repeatedly said it will shut down Saab but continues to leave the door open should any enticing offers arise.

[Source: FoxNews]

It’s been said several times before, but GM Chairman and CEO Ed Whitacre today told reporters that the company is shutting down its Swedish Saab unit. “We’re closing down Saab,” he said. “We’re winding it down.”

Recently GM hired on wind-down firm AlixPartners, but continued to say that it was evaluating proposals from several interested parties.

Whitacre today said that so far none of the proposals, which include bids by Dutch exotic car maker Spyker and investment company Genii Capital, have been any better than closing Saab.

Product boss Bob Lutz, notorious for producing quotable phrases did so again today, telling Automotive News that, “For years GM has been procrastinating when it comes to Saab. I’m glad to see that for once GM is sticking with a decision to wind something down.”

Over the 20 years that Saab has been owned by GM, not once did it turn a profit.

The wind-down will begin, however, Whitacre said GM continues to keep its eyes and ears open should a viable proposal be put in front of them. Today, Swedish newspaper Dagens Industri reported the Genii, backed by Formula One billionaire Bernie Ecclestone, will have financing arranged for a cash bit shortly.

[Source: Automotive News]

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:

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