Bankrupt Swedish car maker Saab is set for a revival after its administrator confirmed that a buyer has been found for the company.
The identity of who has bought Saab is set to be announced later today, but reports from Swedish public radio say the purchase has been made by a company made up of Swedish and China investors.
Get a FREE quote on your next SAAB
Click below and save up to 30% on a new SAAB
The company involved is believed to be one called National Electric Vehicle Sweden (Nevs). The chairman of Nevs, Karl-Erling Trogen, has worked previously as the head of Volvo's truck division.
The company Nevs reportedly beat a bid submitted by the Chinese outfit Zheijang Youngman Lotus Automobile.
An attempt to invest in Saab was previously made by Youngman soon before the car maker filed for bankruptcy back in December 2011.
Saab's demise was sealed when Youngman's attempted sale was blocked by General Motors, who previously owned Saab until 2010, when it was then taken over by Dutch car maker Spyker.
General Motors still held rights over intellectual property however and were unwilling to see their technology end up in the hands of Chinese competitors, originating from what is currently a lucrative marketplace for GM.
The administrator for Saab revealed back in April 2012 that Saab had assets to cover about a third of its total debt, which adds up to about £1.2 billion.
Owners of existing Saab cars were given a welcome boost back in February 2012, when a new company was formed called Saab Parts UK to support them.
The service is committed to maintaining an ongoing supply of genuine parts and repairs to Saab owners. A free loyalty scheme and a five year warranty package are also being offered by the company for loyal Saab owners in Britain.
Also back in February this year, Saab Parts UK estimated that there were about 200 new Saab models available in local dealerships.
According to figures from the Society of Motor Manufacturers and Traders, 143 new Saab models have been registered in the UK after the first five months of 2012; suggesting new units were now in very limited numbers.
However any UK motorist still looking for a new Saab may have just had their chances significantly boosted with today's news of a new investor for the bankrupt marque.