GM to shut down
Saab<http://e.ccialerts.com/a/hBLK47eAGmKL2AfOUcZDhQju-Yy/awo8>
By Dale Jewett | 12/18/09, 9:12 am et
General Motors will shut down Saab after the automaker wasn't able to
conclude a deal to sell the brand to Spyker Cars, GM said on Friday.
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.
"In order to maintain operations, Saab needed a quick resolution. 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...
--
Cheers!!
Jim
Only two things are infinite, the universe and human stupidity, and I am
not
sure about the former. - Albert Einstein
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