Friday, December 18, 2009

Deal Fails, GM to Shut Down Saab

After talks between GM and Dutch car maker Spyker failed General Motors has decided to shut down Saab. GM's new CEO had set an end of December deadline for Saab's sale, but it appears that that is now impossible. In shutting down the car maker, Saab has promised it will repay all its debts and continue honor warranties.

Saab had been a consistent money loser for GM these past 20 years, losing $340 million alone in 2008.

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