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General Motors (NYSE: GM) has already said that it plans to discontinue its Pontiac brand and that it's looking for buyers for its underperforming Saturn and Hummer brands as it scrambles to meet its June 1 deadline to restructure as mandated by the Obama administration.
Among the bidders for Saturn is an investor group made up of Saturn dealers and Oklahoma City private equity firm Black Oak Partners LLC. Last month, the group said it had approached GM about buying the assets of the Saturn brand and the distribution network. GM confirmed it had been in discussions with Black Oak but said that other investment groups were also interested in taking over Saturn.
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