Saab Automobile filed for bankruptcy Monday after attempts by Chinese investors to take over the loss-making brand were blocked by previous owner General Motors Co.
Saab CEO Victor Muller personally handed in the bankruptcy application to a court in southwestern Sweden, ending his two-year struggle to revive the more than six-decades-old car maker, known for its rounded sedans and quirky design features.
The Vanersborg District Court was expected to approve the application later Monday.
While experts say the company is likely to be chopped up and sold in parts, local officials in the town of Trollhattan, where Saab employs more than 3,000 people, were holding out hope that a new buyer would emerge to salvage the brand.
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