Saab reaches end of the road as its dutch owner files for bankruptcy
Tuesday 20 December 2011
Saab ran out of room for manoeuvre yesterday when its Dutch owner filed for bankruptcy, calling time on a nine-month battle to rescue the struggling Swedish marque.
The car maker's cash problems began in March this year, after 2010 sales fell short of target. It has not made any vehicles since April.
The end of the road for Saab, which has been making cars for more than 60 years, came at the weekend when General Motors again vetoed a plan involving Chinese investor Zhejiang Youngman Lotus Automobile.
GM, Saab's former owner, still licenses key technology to it and has a small shareholding.
Saab's owner Swedish Automobile said that after GM had informed Youngman it would not approve the plan, the Chinese company told Saab "the funding to continue and complete the reorganisation ... could not be concluded".
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