|  The US consortium, General Motors, today announced in Stockholm that it has sold Saab, to Swedish sports car manufacturer, Koenigsegg.
The agreement requires financing to the tune of 600 million by the European Investment Bank, which will be underwritten by the Swedish government.
The name of Koenigsegg, a manufacturer of luxury sports cars, had been bandied around for several days as the most likely buyer for Saab, after the Swedish manufacturing giant was declared insolvent as a result of the dire financial situation of its parent company, General Motors.
There were, however, serious doubts about whether financing would be found for the deal, given the fact that Koenigsegg is a relatively small company which produced only 20 high-priced luxury cars last year. |
