A French commercial court today approved a plan to safeguard the future of the French coachbuilder Heuliez.
The court also approved plans by India's Argentum Motors to acquire a controlling stake in Heuliez, which had been under bankruptcy protection since December 2007.
Under the rescue plan, operational activities at Heuliez will be spun off into three business units.
Heuliez Engineering and Design will use the design experience of Heuliez and the r&d center of Argentum to create a global leader in automotive design and analysis.
Heuliez Electric will build electric vehicles under the Heuliez brand for the global market. The company will also look for global partners to develop electric vehicle technology and vehicles.
Heuliez Manufacturing will oversee Heuliez factories in France, India, Spain and Slovakia. The company will also support Argentum by distributing Argentum products in Europe and it will leverage Heuliez patents in retractable hardtop technology.
Ajay Singh, Argentum Motors chairman, said: "Heuliez will be our bridge into Europe and we will take Heuliez to the rest of the world."