Saab gets its long-awaited breath of life as Spyker finally gets the necessary things to make a formal bid. Here’s the skinny of the deal: Spyker and GM has inked a binding agreement for the sale which will be made official on the February 15.

In an effort to keep its historic brand, Swedish government guaranteed an 400 million Euro loan to make sure the deals goes through. Spyker will be buying off all ordinary Saab shares for $74 million while GM will be retaining “redeemable preferential shares” worth $326 million.

Anyway, here’s a video showing Saab CEO Jan Ake Jonsson on what’s what with the deal.

Source: CAR Online