Saab Could Live On, GM Has New Offers

Even if General Motors announced on Friday it would wind down Saab, the Swedish brand might stay alive thanks to a number of parties that expressed their interested in the Swedish brand during the past weekend. At this time, there's no word on the companies involved in the talks but it is believed that Spyker is one of those favorite to buy the remaining Saab shares.

"Following Friday's announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed," GM said in a statement released on Sunday.

Spyker representatives revealed on Sunday that the company had submitted a new takeover proposal for Saab and expressed their confidence that they can reach an agreement with the US-based manufacturer before the December 31 deadline.

"We're very confident we have put forward a proposal that can convince GM in time," Spyker CEO Victor Muller told Reuters. "The jury's still out. We will see what happens next."

GM said on Friday that it will wind down Saab and its global operations but the company will continue to honor warranties and provide service and spare parts.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly.

“We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”