said it has been approached by several groups interested in taking over the Saturn brand, while a report has the automaker studying whether to drop its Pontiac and GMC brands.
Among the potential buyers for Saturn is Black Oak Partners, a private-equity firm in Oklahoma City. The group said Wednesday it initially would sell GM vehicles through Saturn's network of 440 U.S. and Canadian dealers and later aim to add models from other makers, the
Wall Street Journal
, meanwhile, reports GM may drop its Pontiac and GMC brands.
The automaker's Chevrolet, Cadillac and Buick brands are likely safe,
reports, citing people familiar with the discussions. GMC and Pontiac are being studied as part of talks with the Obama administration's auto task force that is assessing whether GM can be restructured without bankruptcy.
reports GMC has a better chance of surviving than Pontiac. But among the decisions yet to be reached is what would happen to Pontiac or GMC should GM opt not to keep the brands.
reports a GM spokesman confirmed Wednesday that Black Oak is among the groups interested in Saturn, and that the automaker plans to update dealers within the next week on the brand's future.
General Motors is looking to offload its money-losing brands such as Saturn, Hummer and Saab as it faces a June 1 deadline to restructure or face a government-ordered bankruptcy. The automaker has received $13.4 billion from the U.S. government to help it stay in business.