After the withdrawal of Koenigsegg last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab.
However, GM says that during the due diligence, certain issues arose that both parties believed could not be resolved.
As a result, GM will now start an orderly wind-down of Saab operations.
"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," said GM Europe President Nick Reilly.
"In order to maintain operations, Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars.
"We will work closely with the Saab organization to wind down the business in an orderly and responsible manner."
Continued Reilly, "This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers."
Saab will continue to honour warranties, while providing service and spare parts to current Saab owners around the world.
The death of Saab leaves GM with just the Opel/Vauxhall and Chevrolet Brands in Europe.
Posted on 18.12.2009
