Saturn Overseas

An investor group called Telesto Ventures says it wants to acquire Saturn's retail operations and provide dealers with vehicles from General Motors through 2011 and mostly overseas manufacturers thereafter.

A GM spokesman said today the group's proposal is legitimate and "very interesting."

"I can tell you this is one of the interested parties with Saturn, and we have been working with them throughout this process," said spokesman Steve Janisse. "There are other interested parties as well who we're working with. But I can't speculate on where all this will go."

Telesto spokesman John Pappanastos says his group is in discussions with several unnamed foreign manufacturers.

He says Telesto includes a private equity firm, Black Oak Partners LLC, based in Oklahoma City, and several other investors. It's not clear how much money is backing Telesto and what auto experience the group has.