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DATE News (chronologically)
12/19/11
automotive
Saab files for bankruptcy  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 Vanersborg District Court was expected to approve the application later Monday.

"This is the most unwelcome Christmas gift I could have imagined," said Fredrik Almqvist, 36, who has worked at Saab's assembly line for nearly 17 years.

While experts say the company is likely to be chopped up and sold in parts, local officials in the town of Trollhattan, where Saab employs more than 3,000 people, were holding out hope that a new buyer would emerge to salvage the brand.

"Our absolute hope is that the bankruptcy administrator will aim for a solution where the company is sold in its entirety," Trollhattan Mayor Paul Akerlund said in a statement. FOX Sports

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