19 Dec '11, 9am

Carmaker Saab files for bankruptcy: Swedish court

Carmaker Saab files for bankruptcy: Swedish court

STOCKHOLM : Carmaker Saab filed for bankruptcy on Monday, a Swedish district court told AFP, bringing to an end two years of efforts to rescue the iconic brand. The final desperate efforts to organise help in China were obstructed by General Motors over licences. "They were here this morning and submitted the documents requesting bankruptcy," a clerk at the Vaenersborg district court told AFP, adding that the court was currently examining the request. A statement on the court's website said three Saab companies had filed for bankruptcy: SAAB Automobile Aktiebolag, Saab Automobile Tools AB och Saab Automobile Powertrain. "The court aims to handle the request and appoint a liquidator rapidly," the statement said. Saab's charismatic chief executive Victor Muller had been due to appear before the court on Monday as judges had been scheduled to decide whether to lift or prolong...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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Carmaker Saab files for bankruptcy: Swedish court

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