Bankrupt U.S. automaker GM nears deal to sell Saab division
15:56, 13 June 2009
CHICAGO. June 13. KAZINFORM The largest U.S. automaker General Motors Corp., which filed for bankruptcy protection on June 1, is nearing a deal to sell its Saab division as part of a broad restructuring plan, the Detroit News reported on Friday; Kazinform refers to Xinhua.
The likely Saab buyer is luxury sports car maker Koenigsegg Automotive AB and Norwegian investors.
The deal would be the latest in a flurry of moves by GM to shed unwanted assets and cut costs after filing Chapter 11 bankruptcy on June 1. Along with the brand deals, GM on Monday announced it would drop its medium-duty truck business.
According to the report, Koenigsegg and the investors had signed a declaration of intent to buy Saab, which filed for reorganization in February in the Swedish equivalent of a Chapter 11 bankruptcy; Kazinform cites Xinhua.
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