Is it a Saab? No, it's a Spyker

Perhaps most of us thought that the drawn-out suffering that ended in the execution of Swedish car-maker Saab in December last year had been relegated to history.

Last-ditch attempts to revive Saab failed when its former owner General Motors refused to give the green light to a proposed takeover being brokered between Dutch car-maker Spyker and the Chinese company Zhejiang Youngman, resulting in the company being declared bankrupt in December 2011.

Spyker has since launched a multi-billion US dollar lawsuit against General Motors, saying it deliberately forced Saab into bankruptcy by blocking the Zhejiang Youngman rescue deal.

Now, it appears ongoing discussions between Spyker – Saab’s most recent former owner - and Zhejiang Youngman could result in a sort-of Saab rebirth, with plans to develop and produce a new line of luxury cars based on Saab-designed Phoenix architecture and aimed at both Chinese and international markets.

It is expected the cars will be based on the platform previewed in the Saab PhoeniX concept at the 2011 Geneva Motor Show.

It is also believed an SUV model, stemming from the Spyker D8 Peking-to-Paris concept car seen at the 2006 Geneva motor show, will also be in the offing.

According to Automotive News Europe, Spyker plans to form two new joint-ventures with Zhejiang Youngman that will see the latter taking a nearly 30 per cent share of the Dutch company.

In a 10 million Euro deal, Zhejiang Youngman will pay 6.7 million Euros for 29.9 per cent of Spyker, as well as making a 3.3 million Euro shareholder loan. It is reported Zhejiang Youngman’s equity in Spyker will be capped at 29.9 per cent.

With an investment of 25 million Euros, Zhejiang Youngman will own 75 per cent of the project, with Spyker - which will contribute technology - holding the remaining 25 per cent.

The Chinese company will hold 80 per cent of shares in the brand itself - which is being referred to around the traps as Spyker Phoenix - with Spyker holding 20 per cent.

Zhejiang Youngman bought Saab’s Phoenix architecture, which was intended to form the basis for the next-generation 9-3 models, for 80 million Euros in 2011.

It is believed the new range of cars will be produced in China and Europe, but will not go on sale for two years or more - first in China, then in other parts of the world.

One thing is sure: the new brand will not be for mass consumption. Spyker has made it clear it will be aimed at affluent buyers.

Read the latest news and reviews on your mobile, iPhone or PDA at carsales' mobile site…