Automaker Saab files bankruptcy
STOCKHOLM — Saab Automobile filed for bankruptcy today after attempts by Chinese investors to take over the brand were blocked by previous owner General Motors. Saab CEO Victor Muller personally handed in the bankruptcy application to a court in Sweden, ending his two-year struggle to revive the more than six-decades-old carmaker, known for its rounded sedans and quirky design features.
While experts say the company is likely to be chopped up and sold in parts, officials in Trollhattan, where Saab employs more than 3,000, were hoping a new buyer would emerge. Originally an aircraft maker, Saab entered the auto market after World War II with the first production of the two-stroke-engine Saab 92. It soon became a household name in Sweden and in the 1970s it released its first turbocharged model — the landmark Saab 99.
To enthusiasts, Saab was known for quirks such as placing the ignition between the front seats and becoming the first car to have heated seats in 1971.
