Breaking News: Saturn Continues to Explore Options, Faces Shutdown in 2011 if No Viable Alternative Found

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General Motors Chairman and CEO Rick Wagoner announced during a news conference this evening that Saturn will remain in operation through the end of the planned lifecycle for all Saturn products (2010-11). In the interim, should Saturn retailers as a group or other investors present a plan that would allow a spin off or sale of Saturn Distribution Corporation, GM would be open to any such possibility. If a spin off or sale does not occur, it is GM's intention to phase out the Saturn brand at the end of the current product lifecycle. Stay tuned to for more information as it becomes available.

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Mysterious Ohio Based Investment Group Arises as a Potential Buyer

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Update on May 7th: Leading negotiations for this group is Gary Marvicsin. Detroit News reports that he is employed in the auto industry.

Detroit News reports that there is a mysterious Ohio based investment group interested in acquiring Saturn. Unlike the other interested buyers, this group has developed a concept to keep the company domestically based. According to the article, the group is interested in purchasing domestically abandoned manufacturing plants to produce Saturns. Chrysler plants that are targeted to close due to bankruptcy troubles were specifically mentioned. The group wants to continue to employee UAW workers at these plants. While recognizing the high costs associated with employing union workers, such as benefits and pensions, the group believes that it is the right move for two reasons.