General Motors is close to completing a deal to sell its ailing Saab brand to Dutch automaker Spyker Cars, according to Associated Press on Tuesday.
No agreement has yet been signed yet. However, trading of Spyker shares was suspended Tuesday in Amsterdam in anticipation of the deal being finalized.
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Since returning their restructuring, the company has eliminated the Saturn and Pontiac brands and is trying to sell Hummer to a Chinese heavy equipment maker. It wants to focus on four core brands: Buick, Chevrolet, GMC and Cadillac
Spyker is not expected to acquire Saab by itself. The company suffered its own financial duress as it sold 23 cars in the first half of 2009, its most recent reporting period, and it posted a net loss of 8.7 million euros. The neophyte company, which has been around for just six years, has yet to make a profit, but it says funding for its operations have been guaranteed through 2010.
Saab Automobile sold around 90,000 cars in 2008, a 30 percent decline from 2007. Due to its consecutive decline in sales, the company filed for protection from creditors while it reorganized in February 2009.
Saab's U.S. sales last year amounted to only 8,680, down 59 percent from 2008 as consumers stayed away from the brand due to uncertainty over its future.
GM filed for bankruptcy itself in June and previous attempts to sell Saab by a Dec. 31 deadline failed.
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