Saab Automobile has finally confirmed its ouster from the automobile industry by filing for bankruptcy on 19th December 2011 as efforts of Chinese investors to purchase the submerging brand went in vain.
The Vanersborg District Court in south-western Sweden confirmed that it received an application declaring insolvency by Saab Chief Executive Officer Victor Muller. As a matter of fact, the car maker brought out its first set of cars 60 years back.
The court is likely to fulfil the formalities that include an approval, from its side, to the filing. It must be noted that albeit the possibility of selling-off the brand by bankruptcy administrator is quite low, experts say that Saab may be dissected into a number of smaller parts.
Saab's existing owner, Swedish Automobile stated that the Chinese investors failed to offer their support for Saab's reorganization following the rejection of proposals by GM. The American car maker sold out the brand in 2010; though it still exercises rights over some of the technology licenses.
The bankruptcy filing has put the town of Trollhattan in south-western Sweden in the line of fire as Saab is responsible for providing bread to 3,700 people that are employed at its factory.
Saab originated as an aircraft maker and eventually commenced operations in the auto market following the World War II, with the two-stroke-engine Saab 92 being its debut production. In a short span of time, the company carved a niche in Sweden and came out with its first turbocharged model, Saab 99 that was a watershed for the company in 1970.
Thus, the auto aficionados would definitely remember Saab for its unexpected and out-of-the-box features like positioning the ignition lock between the front seats and the first-of-its-kind heated seating that was introduced in 1971.
