Saab 'closing down'

* 'We're closing Saab' says GM chairman * Bids not good enough * Still time for improved offers...

Saab 'closing down'

Saab is on the verge of closure, according to General Motors' chairman.

GM says it has yet to receive a bid for Saab that would stop it from winding down the Swedish car brand.

GM Chairman Ed Whitacre said 'We're closing Saab down.'

Hopes of rescue dashed
Hopes had been raised that Saab might be saved after F1 supremo Bernie Ecclestone and Dutch car maker Spyker said they wanted to buy the company.

However, GM vice-chairman Bob Lutz said: 'The offers we've received so far, in terms of risk and financing up-front, have only been as good as winding it [Saab] down.'

Lutz also said that time was running out for potential bidders to come forward, however he conceded, 'we're listening'.