Published December 19, 2011
| Associated Press
STOCKHOLM ? �Swedish court says the CEO of the company that owns Saab has filed for bankruptcy for the automaker.
The Vanersborg District Court court said Victor Muller, boss of Dutch group Swedish Automobile, handed in the application in person Monday.
In a statement, Swedish Automobile said it decided to file for bankruptcy after previous owner General Motors on Saturday rejected all proposals presented to salvage the troubled brand.
It said GM's position meant China's Zhejiang Youngman Lotus Automobile Co. had pulled out of talks to continue to finance the company's reorganization.
The court is expected to approve the filing and appoint receivers for Saab Automobile very shortly, Swedish Automobile said.
Source: http://feeds.foxnews.com/~r/foxnews/world/~3/9m8_uRb4R2k/
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