Dec 19 2011
Saab Automobile declared bankrupt
TROLLHÄTTAN, Sweden—Swedish car maker Saab Automobile declared itself bankrupt Monday, nine months after halting production due to a lack of funds and ending its short life as an independent auto maker.
Former owner General Motors Co., which sold a majority stake in the company to a tiny sports-car maker nearly two years ago, had objected to potentially life-saving investments from Chinese investors. GM refused to approve a rescue plan with China’s Zhejiang Youngman Lotus Automobile Co. that it said would have the effect of hurting its business in China. Swedish Automobile said the decision forced it to file for bankruptcy.
Source: WSJ Online



