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Saab saved by Koenigsegg (From The Northern Echo)
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Saab saved by Koenigsegg
12:23pm Tuesday 16th June 2009
AILING General Motors has reached an agreement that could see Saab sold to the Koenigsegg sports car group.
The Swedish government is expected to guarantee a loan of $600 million to make certain the buy-out goes ahead.
GM executives said they expected the sale to be completed by the Autumn.
The announcement lifts the threat of imminent closure over Saab, which sought bankruptcy protection in February, and preserves one of Europe's best-loved marques.
GM won't cut Saab loose immediately. It will continue to provide engines, chassis and engineering know-how for several years.
AILING General Motors has reached an agreement that could see Saab sold to the Koenigsegg sports car group.
The Swedish government is expected to guarantee a loan of $600 million to make certain the buy-out goes ahead.
GM executives said they expected the sale to be completed by the Autumn.
The announcement lifts the threat of imminent closure over Saab, which sought bankruptcy protection in February, and preserves one of Europe's best-loved marques.
GM won't cut Saab loose immediately. It will continue to provide engines, chassis and engineering know-how for several years.
Koenigsegg is best known for its range of outrageous super sports cars.
Although it was founded in 1994, by Christian von Koenigsegg, the group's first car didn't go on sale until 2002.
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