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Cars Thread About, Saab declares bankruptcy |
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Your World & Experience
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Saab declares bankruptcy as GM blocks Chinese deal
KARL RITTER (The Associated Press) ![]() 03:56:05PM (ET) Monday,December 19,2011. STOCKHOLM (AP) — After six decades of building cars renowned for their teardrop designs and quirky features, cash-strapped Saab Automobile gave up its desperate struggle for a lifeline Monday and filed for bankruptcy. Saab CEO Victor Muller said "the last nail in the coffin" was previous owner General Motors Co.'s rejection of a Chinese company's attempts to gain control of the ailing Swedish brand. Muller personally handed over the bankruptcy petition to a Swedish court, which approved it late Monday. Though a theoretical chance remains for a new buyer to step in during the bankruptcy process, analysts said Saab's troubles underline how difficult it is for a small, niched carmaker to survive in today's competitive global market. ------------------------------------------------------------------- Such good memories... ![]() This may be it for such a fine automobile.
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