Pangda Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. will seek approval from China's top economic planning agency this month to invest in Saab.
Pangda, China's biggest dealer by market value, and automaker Zhejiang Youngman agreed in June to buy a combined 53.9 percent stake in Saab for 245 million euros.
"We're optimistic about the deal getting approval from NDRC as we believe it is in line with government policies," Wang Yin, Pangda's board secretary, said in a telephone interview, referring to the National Development and Reform Commission.
The two companies plan to submit the application in the next two weeks, he said.
Saab is close to getting a loan of about 1 billion kronor ($157 million) to pay overdue salaries and avert a looming bankruptcy, three people familiar with the matter told Bloomberg News.
The loan would be provided by one of the five-biggest European banks, said one of the people, who declined to be identified because the talks are private. The loan will likely be announced as early as today, the person said.
Saab is betting the funds will hold it over until Chinese regulators approve Pangda and Zhejiang Youngman as investors.
The two companies have yet to set a time to submit an application to the Ministry of Commerce, Wang said. Overseas investments by Chinese companies require approval from various government agencies include the industry planner, trade and foreign currency regulators.