Saab just seems to keep fighting its inevitable death. The company announced today that private-equity executive and racecar fan Alex Mascioli is pumping $70 million into the brand as it struggles to stay afloat.
North Street Capital, Mascioli’s firm, is purchasing $10 million shares of Swedish Automobile and is also giving a $60 million loan to pay for Saab’s reorganization.
In September, North Street Capital made a deal to buy Spyker sports car business from Swedish Automobile for $44 million.
Saab is still waiting on the Chinese government to approve investments of $338 million by Zhejiang Youngman Lotus Automobile Co. and Pang Da.
– By: Omar Rana