After two years under the control of Victor Muller (previously with Spyker), Saab Automobile has filed for bankruptcy after it became clear that any potential deal with Chinese investors would be denied by the Swedish company's former owners (and current owner of much of the company's current IP) General Motors.
Saab CEO Victor Muller handed in the bankruptcy application to the Swedish courts in Vanersborg. The company might well now look ripe for an MG Rover-style break-up, and Chinese rebirth, but former workers at Trollhattan are hoping that a new buyer will emerge for the iconic carmaker.
It's a sad end to Muller's brave involvement with the company, after picking up the company from GM and promising to restore Saab's quirky image with a diverse range of future models. But after failing to entice joint venture partners into the fold in a hostile economy, the company ran out of money around a year later. As the finances fell apart, Muller sold assets and IP to investors in the East, obtaining bankruptcy protection in the process.
But the important deals failed after GM insisted it wouldn't want its technology heading to China.
The future now looks bleak for Saab, and perhaps it's time to take stock of some of its finest cars from the past, in this Octane gallery.
Saab feature links: