General Motors has said it will wind down operations at its loss-making Swedish unit after an attempt to sell it to small Dutch luxury carmaker Spyker failed.
GM said in a statement the move was not a bankruptcy or forced liquidation process, and it expects Saab to cover its debts, including supplier payments.
It is all part of the slimming down of GM, which was bailed out by the US government, and which Ron Bloom, the head of the Obama administration’s autos task force said is doing “slightly better” financially than had been expected.
Saab, which has not made a profit since 2001, has 3,400 workers and a similar number are employed indirectly.
China’s BAIC is buying some assets from Saab, including the right to make versions of some of its cars.