Saab Sold to Spyker

It looks like Saab was finally rescued from the scrap heap. After all the 13th hour negotiations as GM was already winding the company down, a deal with Spyker was finally made.

The Wall Street Journal is reporting that Spyker will pay GM $74 million in cash while a loan from European Investment Bank will provide $566 million. GM will maintain $326 million in shares.

Spyker Chief Victor Muller has vowed to bring back the “Saabish” qualities that inspired brand loyalty across the world. However, it’s not known how capable a tiny supercar manufacturer that has never had a profit is of leading the ailing brand. Saab may not be much better off than it was last week.

Spyker will change its name to Saab Spyker Automobiles. [WSJ via Jalopnik]