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Saab files for bankruptcy

Date: 19 December 2011   |   Author: Jack Carfrae

Saab has filed for bankruptcy after failing to secure funding to keep itself buoyant.

The Swedish company has been enduring its own financial crisis for several years and its UK arm, Saab GB, went into administration on November 29.

A Swedish court had granted Saab bankruptcy protection until 21 December while it attempted to secure funding from Chinese investors.

In a statement released today (19 December), Saab announced that filing for bankruptcy was in the best interests of its creditors.

Parent company, Swedish Automobile NV (Swan), said that it does not expect to realise any value from Saab and will write-off its interest in the company completely.