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Saturn Sale by GM Grows More Likely

Restructuring process goes forward, one small step at a time.

by on May.04, 2009

It may still fly if a buyer surfaces.

It may still fly, if a buyer surfaces.

General Motors Corporation is apparently growing more confident that it can sell its Saturn brand. GM said Monday morning that there are a number of competing bids for Saturn, and there is sufficient interest to complete a deal prior to the end of the year.

“The process to sell (Saturn) is moving ahead,” GM spokesman Tom Wilkinson told, saying it planned to move forward with the disposition of the Saturn distribution network, which is partially owned by the GM and Saturn dealers.

“A number of potential buyers have surfaced and expressed interest in the Saturn brand and retail network. GM will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year,” GM said in a statement.

GM said it had retained S.J. Girsky & Company of New York to act as an advisor for this transaction. Saturn will continue to keep its retailers updated on its progress throughout this process, GM said. (more…)