DETROIT — General Motors on Monday announced that it is "proceeding to the next step with respect to the sale of Saturn." There was no word on the identity of the bidders or the exact date of a transaction regarding the sale of the GM brand.
"A number of potential buyers have surfaced and expressed interest in the Saturn brand and retailer network," said the automaker in a statement. "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."
GM also said that S.J. Girsky & Co. has been retained by GM as an advisor for this transaction. Stephen Girsky is the former GM key advisor and a former Morgan Stanley analyst.
On April 27, GM said its revised plan "moves up the resolution of Saab, Saturn and Hummer to the end of 2009, at the latest."
At that time, GM CEO Fritz Henderson confirmed that the automaker plans to "phase out production of Saturn by 2009."
"If there is a successful offer on the table that might justify contract assembly beyond '09, we might consider it," he added.
Inside Line says: Dumping Saturn appears to be a top priority at GM in these troubled times. Monday's statement seems squarely aimed at the White House, which is pulling the strings. — Anita Lienert, Correspondent
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