Saab's Buyer Backs Out

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Koenigsegg, the Swedish boutique car maker, has terminated its purchase agreement to buy Saab from GM. General Motors just released a statement from CEO Fritz Henderson:

“Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”

What the next steps will be is uncertain. GM recently decided to keep Opel, it’s German subsidiary instead of selling it off. Could Saab possibly remain under the GM umbrella? Or will it suffer the same fate as Saturn?

The sale was based on a loan from the Swedish government of roughly $600 million and a Chinese company was planning on a minority stake as part of the deal as well.

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Former managing editor David Thomas has a thing for wagons and owns a 2010 Subaru Outback and a 2005 Volkswagen Passat wagon. Email David Thomas

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