Continuing its restructuring amid bankruptcy protection, GM has announced a tentative agreement to sell its Saab division to Swedish supercar maker Koenigsegg. The agreement, if approved, would assist 72-year-old Saab in its reorganization that began on February 20, 2009, when it filed in Swedish court for protection from creditors. Saab Automobile AB would be owned and operated by a relative newcomer to the automotive industry, Koenigsegg Group, which was founded in 1994.
Like the recent sale of Saturn to Penske Automotive, the Saab deal is expected to be completed by the end of this year’s third quarter, subject to many conditions and government approval. One of those conditions is the Swedish government backing $600 million in funding from the European Investment Bank. Financially assisting in the purchase creates an ideal in-house alliance for the Swedish government, which has a vested interest in saving Saab.
Keep Reading: Saab Sale to Supercar Maker Koenigsegg Pending - Car News
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