General Motors has appointed a partner to help it wind down Saab - but it has stressed it will continue negotiating to sell the company.
In a short statement, GM confirmed it had enlisted the services of AlixPartners to help it carry out an orderly winding down of Saab.
"The use of a wind down supervisor is a commonly-used process in Sweden and works in the interest of the shareholder,” said the statement.
“The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected. As stated previously, Saab customers can be assured that warranties will continue to be honoured and that service and spare parts will continue to be available.”
GM said it was continuing to evaluate several offers it had received by Saab, and the appointment of AlixPartners was nothing to do with this evaluation.
Separate reports suggest that Saab's board has also voted to wind down the company, although again this does not mean the company cannot be sold.
Bernie Ecclestone has joined forces with Luxembourg-based private equity firm Genii Capital to launch the most high profile bid for Saab, while Dutch sports car firm Spyker has also confirmed it has made a bid. Two Swedish groups are also rumoured to have made bids before yesterday’s deadline.
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Re: Saab's survival hopes fade
You know it's funny that people say SAAB could never survive on GM technology. Problem is that almost all the tech in a Vauxhall has been developed by SAAB so if SAAB do get sold the question has to be asked. Can GM survive without SAAB Technology?
Re: Saab's survival hopes fade
Well, as per usual, GM are being silly. Don't know why they're continuing with this "winding down" when the bidding is still open. If GM twiddle their thumbs and do make the (wise) decision to sell SAAB, it'll only mean whoever buys them will have more work to do. Honestly, I have no desire to ever buy a GM product again after the mess they've got SAAB into. Hope a buyer gets picked!!
Re: Saab's survival hopes fade
On the other hand, GM have already said that they are intending to close Saab, so presumably the bidders are the ones keeping the process alive. If GM is not going to continue to support Saab, it is only logical that they start to wind it down in a controlled manner, rather than just closing the doors and putting everyone out of a job in one hit.
Not that I am defending GM's management of Saab for the last 17 years. Had they done a better job, Saab wouldn't be in this position...