Bankrupt Saab Will Go Electric Under Asian Buyers

Law360, New York (June 13, 2012, 1:27 PM EDT) -- Most of the assets of bankrupt Swedish carmaker Saab Automobile AB were sold Wednesday to a group of Asian investors who plan to produce electric cars using the company’s brand, factories and technology.

Saab’s bankruptcy administrators confirmed the sale to National Electric Vehicle Sweden, a company launched specifically to buy Saab’s assets, at an undisclosed price. NEVS is 51 percent owned by National Modern Energy Holdings Ltd., a Chinese alternative energy company, and 49 percent owned by Sun Investment LLC, a Japanese financial firm focused on...
To view the full article, register now.