According to the terms of the proposed transaction, Penske would obtain the rights to the brand as well as certain other Saturn assets. GM would continue production, on a contract basis, of the Saturn Aura, Vue and Outlook.
"This is the combination of two iconic teams: Saturn and Penske," Saturn general manager Jill Lajdziak said in a press release. "GM had the vision to create Saturn and has the desire to see it succeed in the future."
"There has been a groundswell of support for Saturn, with our retailers and owners urging us to save the brand. We heard their call loud and clear, and it inspired us as we worked to secure Saturn's future."
"Saturn has a passionate customer base and outstanding dealer network," Roger Penske, Penske Automotive Group chairman added. "For nearly 20 years Saturn has focused on treating the customer right. We share that philosophy, and we want to build on those strengths."
In under a week General Motors managed to shed two of its three assets tagged as for sale. Should the deal between Hummer and Sichuan Tengzhong Heavy Industrial Machinery, on the one hand and Saturn and Penske on the other succeed, GM will only have to concern itself with the sale of its remaining European brand, Saab.
In all, the GM bankruptcy seems to go a lot smoother than Chrysler's does, at least at first glance.