After 64 years of making cars and 9 months of a fruitless effort to find financing to keep the company going, Saab today was declared bankrupt by a Swedish court. Swedish Automobile NV CEO Victor Muller filed for bankruptcy after former Saab owner General Motors indicated that it would exercise its veto power over any of the proposed plans to save Saab. GM owns key intellectual property that any ongoing Saab business would necessarily use. Following the GM announcement over the weekend, proposed Saab savior Zhejiang Youngman Lotus Automobile announced that it was withdrawing from the deal to provide the three quarters of a billion dollars needed to restart production in Trollhattan.
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