Saab has announced today that it has received a commitment from American private equity firm North Street Capital for a cash payment before the October 22 deadline to pay off part of its bridge loans, once again helping the struggling automaker stave off bankruptcy.

The cash will be awarded to Saab in exchange for a share subscription in the capital of Saab’s parent company Swedish Automobile in the order of 2,386,635 ordinary shares.

The shares will be offered at a price of $4.19, which equates to a total investment by North Street Capital of $10 million.

Swedish Automobile said in a statement that it had no choice but to accept the offer due to doubts that more bridge funding from its Chinese partners Youngman and Pang Da, of which a partial payment was received a week ago, could be received by the October 22 deadline.

The shares to be issued will be paid in full by October 21.

In addition to the share subscription, North Street Capital will also arrange a $60 million loan to Saab in exchange for collateral in some of the automaker’s assets as well as the collateral promised to the Swedish National Debt Office. The loan and transfer of cash is expected to be finalized by mid-next week.

Note, North Street Capital is the same firm that is also attempting to purchase the Spyker sports car division from Swedish Automobile, though there remains a rival bid from British coachbuilder CPP.

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