GM appoints a partner to help it wind down Saab - no word yet on buyer to save it
8 January 2010

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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Comments
7

8 January 2010

Well i hope GM suffer for this they have drained the Saab brand from the time they took over. If this is true GM will never be forgiven and will suffer in sales of there other brands. I think the majority of people feel very strongly about this and i suspect this will dent the figures of sales in other GM owned products! I hope not for the sake of Vauxhall and the british workers

8 January 2010

[quote VX220EDDIE]If this is true GM will never be forgiven and will suffer in sales of there other brands.[/quote]

Sad to say I am not sure this is true. SAAB has become irrelevant as a manufacturer in todays market with average product at best and peoples apathy toward them is only too obvious.

We all have great memories of 96`s decked out for rallying, the original elegant 99 taking on the germans etc but these are long gone and no one really has the money to react quickly and re-invent SAAB in todays tough market.

It is immensely sad but i doubt GM will suffer at all except for a few die hard fans of SAAB vowing not to buy GM product (would they anyway?).

507

8 January 2010

Nick Reilly´s announcement pertaining to severe further cutbacks for both Opel and Vauxhall supports the notion that GM Europe is speeding up a complete European wind down.

In view of the weak products GM is offering Europe this can only be expected and logical. Saab would never have a future based on GM technology!

R32

8 January 2010

It would appear that GM are playing games a bit. Why issue a statement that they have appointed a specific firm to wind down the Saab company and yet also say they are continuing to "evaluate offers". It would appear that GM are trying to force the arms of the various potential buyers who are interested in buying Saab, with GM trying to create their own deadline to the potential buyers. In other words, buy Saab now while you still can....

8 January 2010

[quote R32] It would appear that GM are trying to force the arms of the various potential buyers who are interested in buying Saab, with GM trying to create their own deadline to the potential buyers. [/quote]

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...

8 January 2010

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!!

"The creative adult is the child who survived."

8 January 2010

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?

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