Saab out of cash; fails to attract investors

STOCKHOLM - Saab Automobile AB filed for bankruptcy, bringing the Swedish carmaker to the brink of shutting for good after failing to find investors to rescue the 74-year-old company.

Saab, based in the southwestern town of Trollhaettan, submitted its application with a district court, Victor Muller, chief executive officer of parent company Swedish Automobile NV, said on Monday in a text message.

Saab, which General Motors Co (GM) sold to Swedish Automobile in February 2010, won protection from creditors in September and has been seeking an investor since then. Guy Lofalk, Saab's court-appointed administrator, applied on Dec 7 to end the reorganization, saying the car maker was out of money and had no realistic hope of gaining financing soon.