If all goes well, the Chinese company will own the Sweden car marque Koenigsegg since Volvo was bought by Geely two years ago for a higher price of about $2 billion which is more a lot more compared to the initially planned $141.7 million to purchase the whole of Saab Automobile and get the Saab GB Shares.

The CEO of Saab was pushed against the wall to go for the offer to sell the brand since the administrator of Saab appointed by the court has pushed to declare for bankruptcy. Victor Muler had to crossed out the July deal and nod to the Chinese firm’s offers.

The two sides have sealed a memorandum of understanding which will be good through November 15 while the company continues to go thru restructuring. The final agreement which proposes for the payment to be made in several installments is still for review by Saab shareholders and the Chinese authorities.

The administrator Guy Lofalk has withdrew his recommendation for bankruptcy and termination of reorganization of the company after the deal was signed.

The car manufacturer has been thru some turbulent times and everyone is hoping that the deal may end the rough ride especially for the workers of Saab. The carmaker has had several close calls with bankruptcy in the last few months.

According to Victor Muller, the deal gives light and hope for the future of the company. He sees the move to pave the way for a new CEO to take over. This will allow the company to move forward, attract investors, and restart with some stability.

He also sees the deal to be the best solution to the problem so the company can pay its creditors and also push for their plans to move into the Chinese market, which is the current largest automotive market at the moment. Muller will be CEO until the new top executive is hired.

MY GOD CARP0RN!

Can’t buy one? Rent a Koenigsegg CC in Las Vegas if you’re ever there!