General Motors Co. will extend the deadline for its Saab unit until Jan. 7, giving Holland-based Spyker Cars NV more time to come up with financing to buy the Swedish brand, a GM official briefed on the matter said.
GM is willing to review a bid until Jan. 7 when it will begin the legal process of closing the Swedish brand, such as notifying governments and cutting off supplier contracts, said the official, who asked not to be identified because the discussions are private.
GM said Dec. 18 it will shut money-losing Saab unit after talks collapsed on a sale to Spyker. The Detroit automaker has yet to receive a bid that has financing in hand and will proceed with selling individual assets, said the official. It wasn’t clear whether bids other than Spyker’s were still being considered.
Tom Wilkinson, a GM spokesman, didn’t respond immediately to an e-mail left after hours.
The New York Times reported earlier that GM extended the deadline to Jan. 7, citing Mike Stainton, a spokesman for Spyker Cars.
