Swedish Automobile NV today said that it has got a deal to sell 100-per cent of Saab Automobile to two Chinese companies for 100 million ($142 million), thus saving the cash-strapped carmaker from bankruptcy.
The deal comes just hours before Saab faced court action that could have led to its liquidation.
China's Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. will acquire Saab from Swedish Automobile under a memorandum of understanding signed yesterday and valid until 15 November.
Swedish Automobile recently changed its name the Netherlands-based sport car specialist firm Spyker.
"Swedish Automobile N V announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100 per cent of the shares of Saab Automobile AB and Saab Great Britain Ltd. for a consideration of 100 million euros", the company said in a statement.
After the announcement, the court-appointed administrator for Saab, withdrew a petition from the Vaenersborg District Court in Sweden to terminate the restructuring of the carmaker.