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A Happy Turn for a Saab Story?

GM reportedly extending deadline for potential Saab buyer.

by on Dec.30, 2009

The fate of an all-new version of the Saab 9-5 sedan will depend on whether Spyker can raise the money to purchase the brand from GM.

The troubled Swedish automaker, Saab, has been given an 11th-hour reprieve, though it’s far from certain the brand has been saved.

Numerous reports out of Europe – supported by American sources – indicate that General Motors has agreed to extend its self-imposed December 30th deadline for shuttering Saab, one of four brands it said it would either sell or close after emerging from bankruptcy protection last July.

The initial funding plan for Spyker’s acquisition of Saab has fallen through, but the Netherlands-based company is reportedly seeking another line of financing; and GM is giving the carmaker time to pull that together.


“The December deadline has been lifted and the final offer from Victor Muller [chief executive of Spyker] must be made by 7 January now,” a spokesman for GM of Europe told the British newspaper, The Guardian, which added that raising the necessary cash appears to be Spyker’s only obstacle, at this point. (more…)