Saab Files for Bankruptcy

After an interminably long struggle, it seems that Saab is finally gone. The company announced on its Web site on December 19 that it has been forced to file for bankruptcy and will go into receivership. 

According to its release, Chinese automaker Youngman pulled its funding of Saab after General Motors protested that it would be sharing its technology with another Chinese automaker when it already has deals with other companies in China. After Youngman pulled out, Saab was unable to find further funding for the company and has been forced to file for bankruptcy. 

Saab believes that the Swedish court will approve the bankruptcy filing and will quickly put the company into receivership. 

What this means for Saab, is anyone's speculation. The company's property will be sold to the highest bidder. It is possible that the Saab name could live on, but it certainly will not be the Saab that has existed until now.