As you may already know from other news sources (We never mentioned this, my apologies), Koenigsegg, who planned to buy Saab, pulled out of the deal. The brand’s future was beginning to look bleak.

Luckily though,  two new bidders have emerged. One of them is Beijing Automotive Industry Holding Corporation (BAIC), a Chinese company as the name might suggest. The Chinese are expanding more and more, with Geely buying Volvo, Shanghai Automobile Industry Corporation holding MG, and now these guys trying to buy Saab. The second bidder is Wyoming-based merchant bank Merbanco. These two companies were in the running originally as well, but then GM chose Koenigsegg as their preferred bidder. In fact, BAIC was even a minority partner in the Koenigsegg bid and hoped to produce the new 9-5 in China.

Saab is currently surviving on loans from the Swedish government and European Investment Bank, amounting to about 3.23 billion USD. This money will be transferred to the new owner once a deal is complete.

Source: Automotive News – sub. req. via MotorAuthority