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GM Deals Saab Death Blow

Saab halted its vehicle production in March because of cash shortfalls and late payments to suppliers. It narrowly skirted a bankruptcy filing in September after courts in Sweden gave Saab a stay from creditors.

Saab was a piece of General Motors (GM) for nearly two decades until the U.S.'s largest automaker filed for bankruptcy in 2009 and decided to discontinue its Saab, Saturn, Pontiac and Hummer brands.

In 2010, GM sold Saab for $400 million to Swedish Automobile, but the company continued to struggle. In 2006, its best ever year, Saab sold 133,000 cars but has seen its brand diminish significantly.

Saab is reported to have sold just 31,700 cars in 2010. Previously, Pang Da and Youngman had agreed to buy a 53.9% stake in Saab's parent Swedish Automobile for 245 million euros.

-- Written by Antoine Gara in New York

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