Allen & Overy and Linklaters are advising on the $142 million bankruptcy sale of Sweden’s Saab Automobile to a pair of Chinese carmakers.
Saab filed for bankruptcy in Vänersborg District Court in early September after failing to secure the financing needed to continue operations. An infusion of money had seemed possible over the summer when the struggling automaker signed an agreement with two Chinese investors–Zhejian Youngman Lotus Automobile and Pang Da Automobile–but the funds that were to flow as a result of the pact didn’t materialize in time for Saab to restart its operations. The Trollhättan-based automaker temporarily suspended production in June while it sought additional investors.
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