Automaker Saab Files for Bankruptcy After General Motors Veto

Sweden's struggling Saab ran out of room for maneuver today as the car maker's owner called time on a nine-month battle to find a rescue plan and filed for its bankruptcy. The end of the road for Saab, which has been making cars for more than 60 years, came at the weekend when General Motors again vetoed a plan involving Chinese investor Zhejiang Youngman Lotus Automobile. GM, Saab's former owner, still licenses key technology to it and has a small shareholding.

IBTimes TV | December 19, 2011

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