Saab will then be facing the inevitable: the General Motors’ division will be shut down.

Following Pontiac and Saturn, Saab will be the third GM brand that will be closed down this year.

After attempts of selling the Swedish brand to Koenigsegg and Spyker failed, Saab will begin its wind down process immediately.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “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.”

However, all warranties will still be honored by Saab. Providing of global parts and service support will continue as well.