According to autonews.com, GM is going to sell Saab to Koenigsegg Automotive AB. A source told Reuters that “The deal is there now and a few minor details remain”. Koenigsegg and Norwegian investors turned in their letter of intent to take over Saab. Bloomberg News is reporting that Koenigsegg was picked because it’s an automaker and it’s committed to investing in Saab. Financial Times reports that GM would provide $500 million in assets and cash and production equipment for a new Saab model as well as $150 million of cash, which is already in Saab’s account. However, the new owner would pay GM back if it succeeds in turning around Saab.
For those wondering where they have heard the name Koenigsegg, they are the maker of one of the fastest production cars, Koenigsegg CCX. Fans of the TV show Top Gear on BBC (or BBC America), will also recognize it was the fastest car to complete a lap in 2007 with a non-standard rear spoiler.
Source: autonews.com
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