• Reuters, Tuesday, May 17, 2011 10:30 AM

Pangda Automobile Trade Co. Ltd, China's largest listed car distributor, will rescue Saab from collapse in a deal worth as much as €110 million. Saab's owner, Spyker Cars, said the deal will solve Saab's medium-term funding crisis and get factories moving again within days. Saab will immediately get a cash infusion of €30 million from Pangda for vehicles destined for sale in China. The money allows Saab to repay suppliers and restart production soon, per Spyker CEO Victor Muller. Saab's Trollhatten, Sweden, plant has been down for about six weeks.

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