DETROIT — The top executive of General Motors Corp.’s Saturn brand said the company will sell or phase out the brand by the end of this year, nearly two years faster than previously announced.
Saturn General Manager Jill Lajdziak said the brand most likely will be sold, given the interest of several buyers who have surfaced. She said GM will take other bids for the brand until June 1.
Detroit-based GM has said it wants to sell or get rid of Saturn, Hummer and Saab as it restructures, so it can once again become profitable.
The U.S. automaker also has announced it is planning to rid itself of the Pontiac brand.
Oklahoma ties
Meanwhile, the automaker is living on $15.4 billion in federal loans and must win concessions from unions, reduce debt and make other cost-cutting moves before June 1.
An Oklahoma City private equity firm has teamed with a group of Saturn auto dealers in an effort to buy the brand.
by the associated press
Saturn General Manager Jill Lajdziak said the brand most likely will be sold, given the interest of several buyers who have surfaced. She said GM will take other bids for the brand until June 1.
Detroit-based GM has said it wants to sell or get rid of Saturn, Hummer and Saab as it restructures, so it can once again become profitable.
The U.S. automaker also has announced it is planning to rid itself of the Pontiac brand.
Oklahoma ties
Meanwhile, the automaker is living on $15.4 billion in federal loans and must win concessions from unions, reduce debt and make other cost-cutting moves before June 1.
An Oklahoma City private equity firm has teamed with a group of Saturn auto dealers in an effort to buy the brand.
by the associated press
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