The Swedish automaker Saab filed for bankruptcy Monday.
The company, which started out as a fighter jet producer, has been struggling for two years to revive itself. Its last hopes rested in Chinese investors, but General Motors blocked Saab’s attempt to transfer technology over. However, some experts say that the foreign loans could not have saved Saab.
Saab’s visible struggle, selling only a little over 5,000 vehicles in the United States, marks the end of a once prominent car company that was founded in 1937. The automaker is expected to be liquidated under Swedish law, with GM anticipated to buy up patent rights.
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