The Swedish carmaker, SAAB Automobile filed for bankruptcy marking the end of the road for this 64 years old aircraft-inspired carmaker.
The bankruptcy is declared after the desperate struggle of SAAB to stay in business after General Motors as it previous owner rejected the attempt of China’s Zhejiang Youngman Lotus Automobile Co in order to take over the dying company.
Victor Muller, CEO of SAAB who bought the company nearly two years ago from GM cost him USD 74 million (RM 235.14 million) handed the bankruptcy application to the court ending his two years of strives in making SAAB a more competitive carmaker. The Dutch entrepreneur who once led Spyker the supercar maker couldn’t provide enough finance to support SAAB..
“This is the darkest day in my career, probably in the history of Saab. But we had no other alternatives,” Muller said.
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