There was further good news for Saab today when it emerged that the embattled automaker had won a key court decision that will see its debt cut considerably.

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Saab, in bankruptcy protection since February, has been granted a 75% writedown of its SKR10bn (US$1.4bn) of debt.


The news followed an announcement yesterday that Swedish sportscar maker Koenigsegg is to rescue Saab with funds from the European Investment Bank guaranteed by the Swedish government.


Koenigsegg Group, a consortium led by Koenigsegg Automotive, confirmed it had signed a memorandum of understanding to purchase Saab Automobile.


The sale, expected to close by the end of the third quarter of this year, includes an expected US$600m funding commitment from the EIB.

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