Saab Headed For Scrapyard

Posted on December 19, 2011 at 11:50am by

Famed Swedish car maker Saab was declared bankrupt by a court on Monday, ending a nine-month survival battle by its Dutch owner.

Saab, which has made cars for 64 years, has suffered cash problems since March after 2010 sales fell short of target amid the disruption of its sale by General Motors.

It has not made any vehicles since April and several rescue attempts have failed.

More at Reuters



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