STOCKHOLM (AP) â€" Saab Automobile filed for failure on Monday, giving adult a unfortunate onslaught to stay in business after prior owners General Motors Co. blocked takeover attempts by Chinese investors.
Saab CEO Victor Muller privately handed in a failure focus to a justice in southwestern Sweden, finale his two-year bid to revitalise a carmaker that over some-more than 6 decades has turn famous for a dull sedans and quirky pattern features.
The Dutch businessman told reporters he had to lift a block after GM, that still owns some record licenses for Saab, deserted a last-ditch financing devise involving a Chinese company.
"That fundamentally was a final spike in a coffin of this pleasing company," Muller pronounced in webcast news discussion during a Saab plant in Trollhattan, southwestern Sweden.
The Vanersborg District Court was approaching to approve a focus after Monday.
"This is a many unwelcome Christmas present we could have imagined," pronounced Fredrik Almqvist, 36, who has worked during Saab's public line for scarcely 17 years.
While experts contend a association is expected to be chopped adult and solitary in parts, internal officials in a city of Trollhattan, where Saab employs some-more than 3,000 people, were holding out wish that a new customer would emerge to deliver a brand.
"Our comprehensive wish is that a failure executive will aim for a resolution where a association is solitary in a entirety," Trollhattan Mayor Paul Akerlund pronounced in a statement.
Muller used his oppulance sports automobile builder Spyker Cars to buy Saab from GM in 2010, earnest to revive a Swedish identity, though a association ran out of income usually a year later.
Even as prolongation stopped and income payments were delayed, Muller fended off failure by offered a company's genuine estate and backing adult financing deals with investors in Russia and China. He bought time by fixation a association in a reformation routine underneath bankruptcy protection.
But a deals fell through, blocked by regulators or by GM, that was endangered that a record would finish adult in a hands of Chinese competitors.
The final Chinese suitor, Zhejiang Youngman Lotus Automobile Co., pronounced it pulled out after a final offer for a resolution was deserted by GM over a weekend.
"We were ancillary them to a final moment, even adult to 1 a.m. this morning we were deliberating probable solutions by telephone, though due to GM's position, in a finish Sweden's Saab filed for failure this morning," pronounced Rachel Pang, an executive executive of a auxiliary association of Youngman and daughter of Youngman's founder, Pang Qingnian.
Muller blamed a former executive of Saab's reconstruction, Guy Lofalk, for a fall of a talks, observant Lofalk had led a Chinese investors to trust they could turn solitary owners of a company. Muller pronounced he knew that was unfit given GM's concerns about licenses.
"Until this problem arose a attribute with GM was excellent," Muller said.
Calls to Lofalk's bureau were not answered Monday.
Swedish counsel and reformation consultant Peter Smedman pronounced a prospects of offered Saab during failure record would count on GM.
"The licenses that GM has are essential for a value of a company," Smedman said. "If GM doesn't wish to let anyone in since they are frightened of foe in China, afterwards there is substantially not most (value) left."
Originally an aircraft maker, Saab entered into a automobile marketplace after World War II with a initial prolongation of a two-stroke-engine Saab 92. It shortly became a domicile name in Sweden and in a 1970's it expelled a initial turbocharged indication â€" a landmark Saab 99.
To automobile enthusiasts, Saab was famous for a quirks such as fixation a ignition close between a front seats and apropos a initial automobile to have exhilarated seating in 1971.
GM bought a 50 percent interest and government control of Saab in 1989, and gained full tenure in 2000. The aircraft and invulnerability association with a same name remained an eccentric entity, building warrior jets and weapons systems.
Saab Automobile's sales appearance during 133,000 cars in 2006. After that, sales dwindled to 93,000 cars in 2008 and usually 27,000 in 2009, as GM â€" itself in failure insurance following a financial predicament â€" prepared to breeze down a Swedish brand.
Muller stepped in after a takeover try by a consortium led by Swedish sports automobile builder Koenigsegg failed. Analysts voiced doubt over Saab's chances of presence underneath Spyker, that after altered a name to Swedish Automobile.
Spyker made usually a few dozen cost cars a year. Without support from other investors, Muller's skeleton didn't seem credible, critics said.
Concerns mounted as Saab unsuccessful to compensate suppliers early this year. Production was stopped in March, restarted, afterwards halted again as a liquidity predicament deepened.
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AP Business Writer Elaine Kurtenbach in Shanghai contributed to this report.
News referensi http://news.yahoo.com/saab-files-bankruptcy-chinese-deal-fails-144857987.html
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