Struggling Saab Sold To Chinese Cos. For $142M

Law360, New York (October 28, 2011, 1:53 PM EDT) -- Swedish Automobile NV has agreed to sell struggling automakers Saab Automobile AB and Saab Great Britain Ltd., which had been flirting with bankruptcy, to two Chinese companies for $141.9 million, the company announced Friday.

The rescue purchase by Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. is subject to approval from regulators and Swedish Automobile shareholders, as well as Saab creditors General Motors Co. and the European Investment Bank. The payments will be made in installments.

Swedish Automobile said it had a memorandum...
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