General Motors is planning to continue the “wind down process” after it recently rejected a bid from Spyker Cars NV. The company hints that there are no valid offers on the table and will make no further announcements as it begins to close the brand.
After years as a losing venture, GM was forced to sell or kill Saab as a condition of its emergence from bankruptcy earlier this year. Last month the Koenigsegg Group AB placed a bid for Saab, but quickly retracted the bid for unexplained reasons. Earlier this month, GM was able to sell off Saab 9-5 tooling and an array of technology to the Chinese firm BAIC for $197 million.
After GM rejected the Spyker bid last Friday, company officials said that the wind down process would commence. Spyker then submitted another offer, CEO Victor Muller inferred the proposal was indefinite. GM is likely unsatisfied with the new proposition, and recently told Automotive News “If anything changes or if any new deal or actions arise, we would certainly communicate them.”
Closing up shop at Saab is expected to take several months to complete and GM said it would continue to entertain offers through that process.
Source: Automotive News