(June 13, 2012) According to several news service reports this morning, a Chinese-Swedish investment group with Japanese backing has agreed to buy bankrupt automaker Saab Automobile. The new company and plans to build electric vehicles the administrator of the bankruptcy process said.

In a statement, the administrator gave no details on how much the buyer, National Electric Vehicle Sweden AB, was paying for Saab or how much it would invest.

"The company will start a new operation in Trollhattan, Sweden, (home to Saab in western Sweden) where all development and production will be focussed on electric cars," the administrators said.

The buyer is led by Japanese investment firm Sun Investment and Hong Kong-based renewable-energy powerplant builder National Modern Energy Holdings Ltd.

Saab, the maker of the 9-5 sedan and 9-4X crossover vehicle, hasn't built cars since last year following an initial production halt in March 2011. The carmaker was declared insolvent at the end of 2011 with debts of about 13 billion Swedish crowns ($1.8 billion), around 2.2 billion of which is owed to the Swedish Debt Office.

Sources: Automotive News, Reuters, Bloomberg News