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BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids

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Filed under: GM, Saab, Earnings/Financials

saab-sign-tilt-630-getty.jpg

According to a press release quoted in Dow Jones Newswires, Stefan Lofven, head of Swedish trade union IF Metall, the board of Saab has voted today to liquidate the company. Simultaneously, General Motors has announced that it has hired AlixPartners to supervise the "orderly wind-down" of the marque.

Interestingly, none of this means that Saab is dead, although certainly neither of these things can be seen as reason for optimism. According to its own statement about AlixPartners (available after the jump), GM continues to evaluate bids for Saab, presumably those from Spyker Cars and Genii Capital/Bernie Ecclestone - if not others as well. To this, Lofven is quoted as remarking that "It is irresponsible of GM in this situation to act in two directions, both towards a sale and towards a wind-down." Irresponsible or no, that appears to be exactly what GM is doing. More as it happens...

[sources: Dow Jones Newswires via The Wall Street Journal, General Motors | Image: Joe Raedle/Getty]

Continue reading BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids

BREAKING: Saab board reportedly votes to liquidate company, but GM still weighing bids originally appeared on Autoblog on Fri, 08 Jan 2010 11:28:00 EST. Please see our terms for use of feeds.

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