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New Owner of Saab to Close 81 Dealerships
 Koenigsegg, the prospective new owner of Saab is closing 81 Saab dealerships in the U.S. That is more than one third of the dealerships the company has in the U.S. Koenigseeg is purchasing Saab from General Motors as part of its bankruptcy proceedings. Saab will keep and operate 137 dealers when the purchase is completed on November 30.
GM notified the terminated dealerships of the decision on Thursday, GM spokeswoman Ryndee Carney said.
All Saab dealers signed a termination agreement in June when GM filed for Chapter 11 bankruptcy protection. The terms of those termination agreements will go into effect for rejected dealerships, Carney said.
Koenigsegg will operate the brand through a new entity, Saab Cars North America Inc.
GM signed a deal to sell Saab to the small Swedish luxury carmaker in August, but the closing of the deal is contingent on Saab receiving loans from the European Investment Bank that are guaranteed by the Swedish government.
In October, the EIB granted Saab a 400 million euro ($600 million) loan -- a key component in the planned sale -- but the Swedish government must step in with a guarantee if the funds are to be paid out.
If for some reason the Saab sale fall through, GM will close Saab and all dealerships in the U.S.
Posted on November 15, 2009
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