Buyer Backs Out Of Deal With GM For Saab Brand

Law360, New York (November 24, 2009, 5:49 PM EST) -- Scandinavian sports-car maker Koenigsegg Group AB has suddenly backed out of plans to purchase General Motors Co.’s Saab subsidiary, putting the fate of the Swedish brand in jeopardy.

The U.S. automaker confirmed on Tuesday that Koenigsegg had terminated the purchase agreement, which was expected to secure a future for Saab and was an important component to the subsidiary’s emergence from reorganization under Swedish law.

"We're obviously very disappointed with the decision to pull out of the Saab purchase," GM President and CEO Fritz Henderson said in...
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