Saab could be dead

This might be Saturn all over again. With the Scandinavian automaker Koenigsegg Group pulling out of its planned acquisition of Saab, GM's board might decide to just shut down the operation. Penske Automotive Group withdrew its deal to buy Saturn. This is obviously not the best time to be putting together a car company. GM's board will be meeting next week. From Bloomberg:

Saab's survival now depends on a new private buyer emerging to take over the Trollhaettan-based automaker, Swedish Industry Ministry State Secretary Joeran Haegglund told reporters today in Stockholm. The government won't take over Saab, he said. The transaction with Koenigsegg, the maker of $1.2 million high-performance cars, was supposed to close at month's end, Saab had said. The deal was postponed after the European Investment Bank delayed a decision on granting Saab a 400 million-euro ($600 million) loan, which it approved Oct. 21.

A source told Bloomberg that in the event of a closure, Saab owners would be covered by GM warranties and be assigned to a new dealership for service.