Collapse of deal for Saturn stuns GM

[BR_Parkway]

On Tuesday, General Motors Co. thought it had a deal to sell its storied brand Saturn. But Wednesday afternoon, a day before the deal was to be announced, the Detroit automaker was blindsided by the news that businessman Roger Penske's deal to acquire Saturn had collapsed.


The news sent shockwaves through the GM organization. "This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," Fritz Henderson, GM chief executive officer, said in a statement.

While dealers still hope Saturn might be saved, GM expects all the dealerships to be closed by the end of next year, if not sooner.

Saturn vehicle owners are to be able to have their vehicles serviced at remaining GM dealerships, and the company plans to continue to provide parts for those vehicles.

http://freep.com/article/20091001/BUSINESS01/910010457/1318/Collapse-of-Saturn-deal-stuns-GM

[fasttense]

1. Too bad, I liked the Saturn. It was a good car and seemed to last forever. n/t

[sarge43]

3. +1

I've had mine ten years now and it runs like a Swiss watch. Almost no problems at all and it's very user friendly.

Damn shame.

[Sherman A1]

2. A real shame to see them leave the market

and the loss of jobs is not a good thing at all.