‘Last nail in the coffin of this beautiful company’

SAAB filed for bankruptcy yesterday, giving up a desperate struggle to stay in business after previous owner General Motors blocked takeover attempts by Chinese investors.

Saab chief executive Victor Muller handed in the bankruptcy application to a court in south-western Sweden, ending his two-year effort to revive the carmaker that over more than six decades has become known for its rounded sedans and quirky design features.

The Dutch entrepreneur said he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a last-ditch financing plan involving a Chinese company.