In a decision that marks a fresh rescue plan for Saab Automobile AB, two Chinese automakers - Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co - have agreed to purchase all the shares of the troubled Swedish group.

In a recent statement, Saab's parent company Swedish Automobile NV said that Pang Da and Zhejiang Youngman Lotus have decided to buy Saab for 100 million euros (US$142 million), under a memorandum of understanding.

The Saab purchase by the two Chinese automakers will save the 60-year-old auto firm from bankruptcy, by making available adequate funds to back Saab's court-supported reconstruction process under creditor protection.

Against the backdrop of the earlier fizzled-out deals and assurances of funding for Saab, Swedish Automobile said that the new deal with the Chinese auto firms was valid to November 15; and that the final terms of the offer - including long-term financing - were still being negotiated.

According to the details shared by Swedish Automobile, the final agreement between the parties is conditional on "a definitive share purchase agreement between Swan, Pang Da and Youngman," which will contain specific stipulations like the due approval of concerned authorities, Swan's shareholders and some other parties.

Further adding that "the consideration of 100 million euros will be paid in installments," Swedish Automobile said that one of the key considerations for Swan to move into the transaction is "the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile."