BREAKING: Koenigsegg backs out of Saab purchase, brand future up in the air

After riding in on a white horse, Koenigsegg Group AB has pulled out of negotiations to buy Saab from General Motors, leaving the Swedish automaker's future very much in doubt. In a brief statement issued by GM (available after the jump), president and CEO Fritz Henderson says that the company is "very disappointed with the decision to pull out of the Saab purchase."

It is unclear what will happen to the brand now, but if Saab fans can hold on to any hope, GM says it will "take the next several days to assess the situation and will advise on the next steps next week." It is worth noting that this is different from the brief announcement that GM issued when Roger Penske's group pulled out from buying Saturn – GM immediately announced that they would begin "winding down" the brand. There was at least one other serious bidder interested in purchasing Saab previous to Koenigsegg becoming the preferred purchaser, but it isn't immediately clear if they are still interested, or if their financial backing checked out to begin with.

We suspect that even if Saab is unable to survive as a brand, someone will step in and purchase the assets to the already tooled-up forthcoming 9-5 sedan – perhaps the Chinese – and potentially the newish 9-3/9-3X as well.

[Source: General Motors]

PRESS RELEASE:

Koenigsegg Group AB Terminates Agreement For Purchase of Saab

2009-11-24

DETROIT -- General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.

"We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM President and 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."

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