GM to start wind-down process of Saab

09:19, January 09, 2010      

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General Motors (GM) on Friday announced its decision to start the winding-down process of its loss-making unit Saab, even as it evaluates last-minute bids.

The consulting firm AlixPartners was selected "to supervise the orderly wind-down of Saab," the U.S. auto giant said in a statement.

"The wind-down process is expected to take several months and will ensure that employees, dealers and suppliers are adequately protected," it added.

GM also confirmed that it had received several proposals for Saab and it would continue to evaluate these proposals. But it did not name the contenders.

The proposals came from Dutch luxury carmaker Spyker, Luxembourg-based private investment company Genii Capital and a group of Swedish investors, according to Swedish media.

Saab spokesman Eric Geers said any decision over its future and the latest round of bids was in the hands of General Motors. "We all hope these bids are strong enough for General Motors to consider them."

"We will see what we can do, in order to, if possible, contribute to a positive sale of Saab," Joeran Haegglund, the Swedish enterprise ministry's state secretary, told the Swedish news agency TT on Friday.

He will be heading a Swedish delegation traveling to Detroit, the United States on Saturday to hold talks early next week with officials from GM.

The 60-year-old Swedish company, which has been owned by GM for two decades, has been on the verge of extinction since GM said on Dec. 18 it would wind down Saab.

Source: Xinhua
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