As of today SAAB will cease to exist. General Motors announced just hours ago that – unable to find a buyer for their money-losing unit – they would be pulling the plug on the 62-year-old Swedish brand and would immediately initiate a three-month “wind-down” on all SAAB operations. In an official press release issued this morning, GM dropped the news by announcing that the ”intended sale of SAAB Automobile AB would not be concluded.” Dutch automotive company Spyker had been tipped to buy the ailing brand but during the due sales diligence certain issues arose that both parties believe could not have be resolved. ”In order to maintain operations,” said President of GM Europe, Nick Reilly, “Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the SAAB organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process.” SAAB currently employs 3400 people in Sweden and sold 93 000 cars worldwide in 2008.