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GM to sell Saturn later this year

Posted Monday, May 4, 2009, 1:40 pm in Employee News

GM announced today that it is moving forward with trying to sell its Saturn division, saying it has “a number of potential buyers,” the Detroit Free Press reported.

“GM will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year,” the troubled automaker said in a statement. GM has retained S.J. Girsky & Co. to advise on the deal, the paper said.

As part of last week’s revised business plan, GM said it would have a resolution on the Saturn brand by the end of the year—sooner than previously planned, the paper reported. If it doesn’t find a buyer, the division is expected to be shut down, the story said. (Detroit Free Press)
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