SPYKER TALKS COLLAPSE, GM TO WIND DOWN SAAB!

Posted on 18. Dec, 2009 by in 2000-2009

I never thought that this day would happen, Spyker talks Collapse and Saab Automobile is closing.

Every news source is covering this right now, so more will be forthcoming but really what can we really say at this moment.

It’s an incredible sad time for everyone right now, and my heart and mind goes to all of us that have been trying to ensure Saab Automobile has a bright future.

Here’s GM’s Official Press Release:

Saab Sale Cannot Be Concluded Brand to be Wound Down

2009-12-18

Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.

“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. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale.

As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model.

A media conference call with John Smith GM Vice President, Corporate Planning and Alliances will take place at 9:45 a.m. Eastern Time.

Call-in-details are as follows:
Teleconference Dial-In Number(s) for Media:
United States: (800) 230-1059
International: (612) 234-9960
No Passcode required. Operators will request Name & Affiliation

General Motors Company, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall, Wuling and Jiefang. More information on the new General Motors Company can be found at www.gm.com.

# # #

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

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No Responses to “SPYKER TALKS COLLAPSE, GM TO WIND DOWN SAAB!”

  1. saabrep

    18. Dec, 2009

    It is just a matter of time before the truth surfaces. First Saturn now Saab. GM has some issues that they can’t put deals together. Greed Greed and more greed. If GM thinks that with the current news and current incentive package on all 2009 Saabs they are going to sell, think again. Great for the consumer to get such a great car at a great price. Bad for the people like myself that sell these cars because we are on the front line everyday smoothing over cutomers on the future.

    Thank you very much GM. You punked us like you did to all your other in house employees.

    Reply to this comment
  2. Peter Gilbert

    18. Dec, 2009

    After driving over 2.5 million miles in the past 43 years, in my various Saabs, no doubt that this is the saddest day of all.

    These wonderful cars are maintained well enough, that my 2001 9-3 Viggen and 9-5 Aero Combi will be the last cars that I will be owning anyway. I will not buy any Government Mandated (GM) cars again, as this is their agenda anyway.

    Early in the year I warned the Swedish Ministers about the consequences of what would happen if today ever came. I hope for once that I am wrong. I feel really sad for all the fine people that I know, whom are associated with the company in Trollhattan.

    Reply to this comment
  3. Bill Wolf

    18. Dec, 2009

    It is a sad, sad day. For both the Saab family and the tax paying American public. To my former Saab Colleagues, my condolences and yes there is life after Saab-GM.

    Unfortunately, this comes as no surprise. When you have politically appointed malcontent bureaucrats and not business oriented people running a bankruptcy this is what you end up with. Normal bankruptcy proceedures should have been used in GM’s Chapter 11. Everyone would have been better off.

    As for Saab, they were doomed from the start of this. Why would General Motors make any effort to keep a potentially competitive brand in business when they could close the operation and get the American Taxpayer to absorb the all the costs.

    Again, a loss for the auto industry and the Saab owners and just another example of the inept current US administration.

    Bill

    Reply to this comment
  4. Marit

    18. Dec, 2009

    This is such sad news. It really feels like a death in the family for me, so I can’t imagine how all the dealers, employees and factory workers are feeling today. My heart really goes out to them, and I want to thank them for all their hard work. Thanks for nothing GM… I won’t ever buy one of your vehicles.

    Does this mean my Saab is basically a DeLorean? Sigh.

    Reply to this comment

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