Koenigsegg moves closer to take Saab
16/06/09 14:19 Filed in: News
General Motors and Koenigsegg have
reached an understanding that could pave the way for Saab to return
to secure Swedish ownership.
GM which recently filed for Chapter 11 protection in the USA in the country’s biggest industrial bankruptcy, has agreed a ‘memorandum of understanding’ with a consortium led by Koenigsegg.
Koenigsegg is Sweden’s supercar manufacturer
The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development.
Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process.
“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company.
“Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."
As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.
“The proposed agreement will enable us to maximise the brand’s potential through an exciting new product line-up with a distinctly Swedish character,” said Jan Åke Jonsson, Managing Director of Saab Automobile AB. “Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe.”.
GM which recently filed for Chapter 11 protection in the USA in the country’s biggest industrial bankruptcy, has agreed a ‘memorandum of understanding’ with a consortium led by Koenigsegg.
Koenigsegg is Sweden’s supercar manufacturer
The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development.
Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process.
“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company.
“Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."
As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.
“The proposed agreement will enable us to maximise the brand’s potential through an exciting new product line-up with a distinctly Swedish character,” said Jan Åke Jonsson, Managing Director of Saab Automobile AB. “Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe.”.
- Koenigsegg Group AB is a consortium of private investors led by Koenigsegg Automotive AB. Koenigsegg Automotive AB manufactures supercars. The company was founded in 1994 and is based in Ängelholm, Sweden.