General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saabs future. The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank EIB guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saabs operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process. Available video includes general views of Saab and Koenigsegg as well as a soundbite from Saabs Managing Director.