November 1st, 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.
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