GM Says Investor Group is Interested in Buying Saturn

General Motors revealed on Wednesday that an investor group which includes a company called Black Oak Partners along with some of Saturn's dealers is interested in acquiring the firm's Saturn division. "Over approximately the past 60 days, a sub-committee of Saturn retailers has been studying the feasibility of the sale or spin-off options, and has identified some parties that are potentially interested in a purchase or spin-off of Saturn," said GM in a statement.

The automaker revealed that one of the interested parties is Black Oak Partners, which is a private equity firm, however, GM wouldn't identify any of the other potential buyers.

"With respect to what the eventual outcome concerning Saturn might be with Black Oak or any other interested party, it is simply premature at this time to speculate on what any eventual outcome may be. When we have additional information on this topic, we will communicate to all involved," GM said.

As you probably already know, General Motors is in a race against time to reorganize as it may very well be forced into bankruptcy by the Obama administration by June 1.