Saab rescued as new deal struck

24 February 2010
Saab was rescued after a deal between parent General Motors and Dutch firm Spyker with Saab and Spyker becoming 'sister companies'

Swedish car company Saab has been saved from liquidation and its management are back in full control.

Saab and Dutch firm Spyker will exist as "sister companies" under new parent Spyker Cars N.V. after a deal between parent General Motors and Spyker reversed the liquidation status.

The firm will focus on Saab's traditional strengths in independent thinking, aircraft heritage, ecological performance and motorsport, said Victor Muller, CEO of Spyker Cars NV.

"Saab's future is now secure," said Mr Muller. "We will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold."

Having revealed a replacement for its ageing 9-5 executive model last autumn, industry observers will be keen to see how the new saloon performs when it eventually hits the streets. More details are expected soon now that the company's future has been secured.

There's been no official word on future product developments, however there has been plenty of speculation surrounding the desire to build a premium small hatch to rival BMW's successful Mini and Audi's forthcoming A1.

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