Saab Calls It Quits

Source: Peter Valdes-Dapena / CNN

NEW YORK – Swedish automaker Saab has filed for bankruptcy after months of struggle to stay alive. Saab’s owners have turned the company’s assets over to a Swedish court-appointed receiver.

General Motors (GMFortune 500), Saab’s former owner, had objected to a recently proposed deal under which the company would have been sold to Chinese investors including carmaker Zhejiang Youngman Lotus Automobile.

The deal required GM’s cooperation because it still supplies parts, designs and engineering for Saab products. China is one of GM’s largest markets and the U.S. automaker was reportedly concerned that its technology could end up in competing vehicles.

GM still maintains an ownership stake in Saab.

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