Saab Bankrupt: News of bankruptcy filing

The Swedish car maker Saab has announced that it filed for Bankruptcy on Friday morning after it was axed by American company General Motors as part of it’s restructuring plan.

Saab had attempted to gain assistance from the Swedish government in a plea to get protection from creditors. Once the filing was made though, government officials were reluctant to agree to continued financial assistance.

Saab however has maintained that the company “would continue to operate as usual” and is ready to think of a positive solution that will enable future investment.

Managing director of Saab, Jan-Ake Jonsson stated: ”We explored and will continue to explore all available options for funding and/or selling Saab, and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment.”

Reported from NYTimes