Saab Is Dead

The final attempt to sell money-losing-jet-car-maker Saab has failed, says GM. The brand will be discontinued, which makes the country of Sweden really sad.

From Bloomberg:

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time,” GM Europe President Nick Reilly said in the statement. “In order to maintain operations, Saab needed a quick resolution.”

Saab’s closing will be “an orderly winddown,” he said, and “not a bankruptcy or forced liquidation process.”

Saab will continue to honor warranties and provide service and spare parts according to GM.

GM to Close Saab After Ending Sale Talks With Spyker (Update2) [Bloomberg]