General Motors has confirmed they will not support the proposed deal to sell Saab to Youngman and an undisclosed Chinese bank.
The Saabpocalypse is entering another dark chapter as General Motors has confirmed they will not support the proposed deal to sell the troubled automaker to Youngman and an undisclosed Chinese bank.
In an interview with The Detroit News, GM spokesman Jim Cain said "We have reviewed Saab's proposed changes regarding the sale of the company. Nothing in the proposal changes GM's position. We are unable to support the transaction."
On Monday, Saab announced they had entered discussions with Youngman and a "bank in China" about possible sale. The proposed deal would have included a "short term solution to enable Saab Automobile to pay the November wages and continue reorganization," but those terms weren't enough to sway GM.