North Street Puts Up $70M To Keep Saab Parent Afloat

Law360, New York (October 20, 2011, 1:48 PM EDT) -- Swedish Automobile NV, which checked its Saab Automobile AB unit into Swedish insolvency proceedings in September, received a commitment of about $70 million from private equity firm North Street Capital after two Chinese investors didn't come through, the company said Thursday.

North Street, based in Greenwich, Connecticut, will buy 2.4 million newly issued shares in Saab parent Swedish Automobile for $4.19 a share, or about $10 million, the carmaker said in a statement. In addition, the private equity firm agreed to loan Saab $60 million in...
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