Asia Hedge Fund Sun Capital Buys 49% of Bankrupt Saab Assets

(Dow Jones) A large part of the assets of bankrupt Swedish car maker Saab Automobile have been sold to the Swedish electric vehicles consortium National Electric Vehicle Sweden AB, or NEVS, for an undisclosed sum, administrators of the bankruptcy announced Wednesday.

NEVS, a company specifically created to buy the assets of bankrupt Saab Automobile, plans to develop electric vehicles at Saab Automobile’s Trollhattan plant. It is 51% owned by National Modern Energy Holdings Ltd. and 49% by Sun Investment LLC.