Avalanche of Criticism Following GM's Saab Winding Down Decision

General Motors announced a few days ago its decision to start winding down Saab, despite the bids it has received in the last few weeks. Furthermore, it announced the appointment of AlixPartners to manage the whole process, a move the led to criticism from Sweden officials involved in the Saab business.

The first to react was IF Metall chairman Stefan Lofven who said in a statement that GM's intentions are "irresponsible", pointing to the way the US-based auto giant tries to handle the case. "It is irresponsible of GM to move at the same time in two different directions -- both toward a sale and a wind-down," he said.

As we're sure you know, Dutch carmaker Spyker submitted several offers for Saab, each of them reviewed to correspond with GM's requirements. Furthermore, F1 boss Bernie Ecclestone and Genii Capital entered the race for Saab and confirmed their interest for the Swedish unit.

"What Genii and Ecclestone have found is that Saab is an amazing brand, comparable to brands such as Porsche and BMW," Lars Carlstrom, a Swedish investor involved in the matter, was quoted as saying by Reuters. "They love brands and they really value Saab's brand ... They are really supportive and will definitely be able to bring Saab to new heights."

Curiously, GM wants to shut down Saab, with the whole process projected to last for several months.

"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 honored and that service and spare parts will continue to be available," GM said in a statement.