November 6th, 2011 
admin Stockholm, Sweden (AHN) – Struggling automotive icon Saab will change hands again in a proposed deal to save it from bankruptcy by selling it to two Chinese companies.
Swedish Automotive will sell its Saab unit to Chinese distributor Pang Da Automobile Trade and auto manufacturer Zhejiang Youngman Lotus Automobile. The two will pay a mere $142 million for the 62-year old auto manufacturer.
General Motors sold Saab to Swedish Automotive only 2 years ago as part of GM’s restructuring to avoid bankruptcy itself.
Since that sale, Saab has had extreme economic woes that it has not manufactured a car since April and it has been in court trying to avoid bankruptcy.
China has become the world’s largest market for automobiles.
Chinese automakers bought another iconic struggling automaker last year, Volvo.
View full post on All Stories
- We didn’t recommend anyone for Adarsh flat!
- Armed Forces Insurance Sponsors Post-Game Concert: Gary Sinise and The Lieutenant Dan Band Honor Wounded Warriors With Armed Forces Bowl Performance
- Payday lending is costly to borrowers, advocates say
- Used Cars For Sale by Owner
- ‘NHI plan needs economy to grow 7%’
- Hard time for prison plan: Terror suspects unlikely to be housed in Illinois
- Calif. Assemblyman Villines to Serve on Flood Protection Board
- ‘Gadget cars’ debut in Las Vegas
- Beijing tries to fend off inflation, calls for yuan rise
- Probe into another defence land scam
Posted in 
Tags: