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Saab, the Scandinavian car company, was on the edge of falling into bankruptcy when a Chinese entrepreneur helped them come up with a plan of escape. The company is moving away from their bankruptcy declaration with the help of the National Electric Vehicle Sweden (NEVS.) The chief executive of NEVS says that they can create a “new era” in the car industry. He purchased Saab, bringing them out of financial disaster. He wants to create and market new electric cars in China, where he believes there is a large market for the product. Saab has been making cars since 1947, but in 2009 General Motors sold the company to a Dutch group called Spyker.

From there things started to go downhill and the car company failed to produce desirable vehicles. Now, NEVS hopes to revolutionize the company while still marketing the well-known brand. At NEVS, the new owner says that Saab will start producing electric cars based on Japanese and Chinese technologies. The cars will be marketed internationally, despite a focus on Asia. The largest loss the Saab has in the transaction is jobs. According to The Guardian, Saab originally employed 3,500 people, but the new plans only call for about 200 initial workers.

While NEVS now owns most of the rights to Saab and can develop future car models, the spare parts business is still owned by the Swedish government. This is because they repaid a loan on behalf of Saab in exchange for that aspect of the company. Bankruptcy can be scary, but like Saab your company may be able to emerge from the financial mire without actually having to file. If you would prefer not to sell your company, then you can always look into different options with filing. There may be a possibility that you are only steps away from relieving your debt and getting a fresh new start.