By The Associated Press

(AP) - SAAB STORY: Swedish automaker Saab Automobile was rescued from insolvency when an Asian consortium sealed a deal to buy the brand's main assets with the aim of making electric cars. The price was not disclosed.

BUYER BIO; The buyer, National Electric Vehicle Sweden AB, is owned to 51 percent by Hong Kong-based National Modern Energy Holdings Ltd. and to 49 percent by Japanese investment group Sun Investment LLC.

BREAKDOWN: Saab, which has more than 3,000 workers, filed for bankruptcy in December after its previous owner, the Dutch luxury car group Spyker failed to get sufficient backing.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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