General Motors announces to sell Saab to a Swedish Company

STOCKHOLM, Sweden,-- General Motors(GM) will sell the Swedish auto producer Saab
to Koenigsegg. Koenigsegg is a niche automaker that employs about 45 workers and produces a small number of high-performance sports cars.


The GM deal included an expected $600-million(US) of financing from the European Investment Bank, which would be guaranteed by the Swedish government.


Saab only sold 93,000 cars in 2008 and filed to restructure itself Feb. 20. It needs about $1 billion to modernize its operations.


GM, which filed for Chapter 11 bankruptcy protection June 1, has recently sold its Hummer brand, a majority of its Opel and Vauxhall brands, and has buyer for its Saturn brand.