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GM to send terms sheets to potential Saturn buyers

Posted Tuesday, May 12, 2009, 1:39 pm in Employee News

General Motors Corp. was preparing Monday to submit term sheets to about 12 potential buyers of the endangered Saturn brand, which could include an asking price and a list of assets that might be included in the sale, The Detroit News reported.

The move is the next step in negotiations between GM and suitors interested in distributing vehicles that could be made by a foreign automaker and possibly sold through Saturn’s existing dealer network, the News said.

The News said that the pool of possible investors includes a group headed by California businessman Gint Federas, who wants to turn Saturn into a company that exclusively produces plug-in hybrid and electric vehicles. Detroit auto tycoon Roger Penske is interested in tapping the Saturn brand’s dealer network and possibly finding a foreign manufacturer to make new vehicles, the story said. (The Detroit News)
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