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]
GM STATEMENT REGARDING SAAB
GM today confirmed it has selected AlixPartners to supervise the orderly wind down of Saab, and has requested approval of the selection by the appropriate authority in Sweden. The use of a wind down supervisor is a commonly-used process in Sweden and works in the interest of the shareholder.
The wind down process is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected. As stated previously, Saab customers can be assured that warranties will continue to be honored and that service and spare parts will continue to be available.
GM also confirmed that it has received several proposals for Saab and is continuing to evaluate these proposals. This evaluation is not affected by the appointment of AlixPartners.