Saab LogoGeneral Motors said it has reached an agreement to sell Swedish car brand Saab to Dutch sports car manufacturer Spyker Cars NV. The American company will receive $74 million in cash, paid in two installments, and $326 million in preferred shares of Saab, GM alliance chief John Smith told Associated Press. Spyker will also guarantee up to $10 million in Saab debts owed to GM’s main financing company, GMAC Financial Services.

The AP report also states that a loan of up to 4 billion kronor ($550 million) from the European Investment Bank, backed by the Swedish government and subject to approval by the European Commission is the source of Spyker’s funds. There’s also “Back-up financing” in the form of a 150 million-euro loan ($212 million) from investment firm GEM Global Yield Fund Ltd.