Saab owner Swedish Automobile said it concluded a deal Friday to sell 100 percent of the struggling carmaker to Chinese partners Youngman and Pang Da for 100 million euros ($141.8 million).

"Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100 percent of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of 100 million euros", the company said in a statement.

After the announcement, the office of Saab's court-appointed administrator, Guy Lofalk, withdrew a petition to abandon the reorganisation of the beleaguered company, a step taken when talks with the Chinese partners had appeared to collapse earlier in the week.

The Vaenersborg court in southwestern Sweden was expected to decide whether to grant the petition on Friday.

The demand to end the reorganisation of Saab came after Swedish Automobile said the Chinese companies had failed to honour a partnership deal and provide 70 million euros in bridge financing while Saab underwent the restructuring process.

Swedish daily Svenska Dagbladet reported earlier in the week that Pang Da and Youngman had instead offered 200 million kronor ($30.4 million, 21.9 million euros) to buy all of Saab.