Friday, June 22, 2012
GM Says No to Saab's Latest Ownership Plan, Swedes Reply “There is Always a Plan B”
A day without Saab news is a day wasted. On Monday, Saab's owner, Swan NV, said that after GM’s rejection of the Pang Da and Youngman deal, it was readying another plan, involving Youngman and a Chinese bank.
Unfortunately for Saab, this latest plan, which put Pang Da out of the picture, didn’t make the cut with General Motors either. On Tuesday, GM spokesman James Cain issued the following statement: “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.”