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NINETY EIGHT REGENCY

GM boss doubts Saab buyer will be found

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GM boss doubts Saab buyer will be found

Chrissie Thompson

Automotive News Europe -- January 7, 2010 06:01 CET

DETROIT -- General Motors Co. CEO Ed Whitacre said on Wednesday he is not hopeful a breakthrough deal can be reached to save Saab and GM is proceeding with the wind-down of the Swedish brand.

Whitacre said none of the potential bidders for Saab have come forward with the financing needed to restructure the money-losing automaker.

“It's real easy,” he said. “Just show up with the money and you can have it, and nobody's showing up with the money.”

Whitacre said he didn't see how GM could have tried any harder to sell Saab.

"I think we've done everything humanly possible," Whitacre told reporters at the company's headquarters.

GM will start closing down Saab plants later this week, he said.

Dutch luxury carmaker Spyker Cars has made a bid to buy Saab, but analysts have said the question of how to fund an acquisition of the brand is a major hurdle to a deal.

Dropping the 60-year-old Saab would eliminate 3,400 jobs in Sweden and hit 1,100 Saab dealers globally.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100107/ANE/301069956/1193#ixzz0bwSQlzJ9

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