Saab files for bankruptcy

Posted on 19 Dec 2011

Carmaker Saab has filed for bankruptcy, signalling the end for the Swedish car marque founded in 1937.

The company had been in talks with Chinese automaker Zhejiang Youngman Lotus Automobile to negotiate a sale for several weeks.

But the deal fell through when Saab’s owners, General Motors, said they did not want a Chinese company owning its intellectual property.

It is believed that Saab’s CEO, Victor Muller, handed the bankruptcy documents to a district court in Trollhaetten, near the company’s headquarters, in person.

A journalist from Sweden’s leading car magazine told the BBC’s Radio 4 that for current Saab owners parts and warranties would be available for many years ahead.

Saab began as Svenska Aeroplan Aktiebolaget in 1937, originally making aircraft.