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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.

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Such good memories...



This may be it for such a fine automobile.

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