GM to show Treasury viability by Feb. 17, has no idea what to do with Hummer, Saab, Saturn

Posted: Feb 02, 2009
Filed under: GM, HUMMER, Industry News, Saab, Saturn

General Motors has to submit a detailed plan to the U.S. Department of Treasury by Feb. 17 to show how it will become viable. As the clock winds down, GM has no idea what it wants to do with its losing brands, Saturn, Saab and Hummer.

Sources say that with President Barack Obama still selecting his team of advisers, it’s a bit unclear how specific the General will have to be about its plans for the three brands but at this point the company leaders have no clue.

According to Automotive News, insiders said that General Motors has had little success on shopping the brands to potential partners or buyers. GM is also considering shutting down the brands altogether even with the risk of dealer lawsuits.

To show its viability, GM must show that it is likely to achieve long-term profitability and has positive net cash flow. Obama’s ‘car czar’ will reject or accept the plan by March 31. Of course, those were the terms set by Bush’s administration and Obama’s team could reverse those conditions.

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  4. GM unable to find buyers for Saab and Hummer
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  • neil
    1. Saab - sell to Swedish govermnment, get a dollar if you can
    2. Saturn - sell to the dealers at any price
    3. Hummer - got to go, no where for it other than re-badging the H3 a Chevy
    4. toss a coin, pick either buick or Pontiacget rid of the other, honestly Buick should also be rolled into Caddy and Pontiac shoul dbe taken over by Holden
    You lose a lot of white collar jobs here in the US but it is better than losing then all 2 years from now.
  • Bobmarley
    tough times weed out the weak but it sucks that it has to be the 2nd biggest automaker and an American company

    I hope Obama doesnt throw them more cash!
  • zermatt
    Anything can be sold if the price is right. GM will need to rethink what the actual price for these brands should be. Potential buyers are seeing blood in the water and they are not going to over pay.

    Some cash is better than paying out tons of money in dealer franchise litigation.

    Is this a ploy by GM to get the taxpayers to prop up these brands while GM searches for the right sale price?

    Wouldn't want to put people out of work by shutting down the brands...
  • Pat
    And that's why General Motors will go under..I really wonder who's going to buy up all these GM brands including Chevrolet Cadillac and Pontiac when GM goes under. Who's negotiating all that talk?
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