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Saab files for bankruptcy after Chinese deal fails
Legal Business | 2011/12/18 11:28
Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors.

Saab CEO Victor Muller personally handed in the bankruptcy application to a court in southwestern Sweden, ending his two-year effort to revive the carmaker that over more than six decades has become known for its rounded sedans and quirky design features.

The Dutch entrepreneur told reporters he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a last-ditch financing plan involving a Chinese company.

That basically was the last nail in the coffin of this beautiful company, Muller said in webcast news conference at the Saab plant in Trollhattan, southwestern Sweden.


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