General Motors on Monday said it will proceed to sell its Saturn unit, in a secured agreement with a specific buyer later this year, which has 400 retailer locations in the U.S. and Canada.
It has a number of potential buyers that expressed interest in the Saturn brand and retailer, with the help of S.J. Girsky & Co as the adviser, The Company said.
Recently General Motors, which about to come out from bankruptcy, receives $15.4 billion in federal loans and faces a June 1 deadline to restructure its debt outside of court.
However, General Motors CEO Fritz Henderson said in an interview with The Associated Press that it's still possible for GM to stay out of bankruptcy, and that's the company's preference.
Shares of General Motor rose 3 cents to1.66% at $1.84 in the regular trading.