Home > Joliet bankruptcy attorneys > Swedish car maker Saab files for bankruptcy

Swedish car maker Saab files for bankruptcy

Posted on Thursday, December 22nd, 2011 at 4:46 pm    

Saab’s chief executive handed in a bankruptcy application to a Swedish court earlier this week.

For two years, the automaker has tried to revive its struggling company. Last hopes in salvaging the company were thwarted when General Motors, who owned Saab from 1990 to 2010, refused to let Saab transfer technology to Chinese investors. GM still owns some of Saab’s technology licenses and feared it could be used against them by its Chinese competitors.

The Swedish automaker is expected to liquidate its assets. Its bankruptcy is not believed to affect the rest of the auto market due to Saab’s relatively small size.

If you or someone you know is considering filing for bankruptcy, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201.