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In mid-September, amidst the chaos surrounding the potential bankruptcy of Saab, the automaker received what it thought was good news. Chinese partner Youngman agreed to front Saab a bridge loan worth some $95 million, in exchange for the production rights to Saab's next generation sedan.

in a short post to its website, Saab says that Chinese firms Pang Da and Youngman will now purchase 100% of the company.

American auto brands Chevrolet and Ford are outselling Toyotas in the United States for the first time in years, thanks to a new stable of better designed and more reliable cars. General Motors Co., meanwhile, has become the top foreign automaker in the fast-growing Chinese market.

Yesterday, Saab hit the snooze button and dreamed of survival a bit longer, thanks to a series of loans from North Street Capital totaling $70 million.

On Friday of last week, struggling Swedish automaker Saab signed a memorandum of understanding with Chinese partners Pang Da and Youngman.

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