So much for Spyker. General Motors announced today that talks between itself and Dutch sports car manufacturer Spkyer Cars N.V. have failed, meaning that Saab — GM’s Swedish subsidiary since 1990 — will be wound down.
“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,” said Nick Reilly, president of GM Europe. “We regret that we were not able to complete this transaction with Spyker Cars.”
GM claims the closing of Saab will be “orderly,” and will not, according to Richards, be “a bankruptcy or forced liquidation.” Debts owed to creditors and suppliers will reportedly be fully repaid, and Saab will continue to honor warranties and supply parts for its prior offerings.
Perhaps the most tragic part of this news is the fact that the attractive new 9-5 — unveiled at the 2009 Geneva motor show — will likely never have a chance to spread its wings and take flight.
In a teleconference, John Smith, GM’s vice president of corporate planning and alliances, said there was no push to sell tooling for the new 9-5 or the forthcoming 9-4x crossover, but anything — including the rights to the Saab brand itself — is possible in the wind-down process.