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Published: Saturday, 10/29/2011

Saab wins a reprieve from liquidation


PARIS — Saab Automobile said Friday that it had won a reprieve from collapse after two Chinese carmakers agreed in principle to buy the ailing Swedish automaker just hours before it faced court action that could have led to its liquidation.

Zhejiang Youngman Lotus Automobile and Pang Da Automobile Trade agreed to pay $140 million for Saab and its British unit, according to Saab’s parent company, Swedish Automobile.

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