| NEWSMAKER-Saab CEO, eternal optimist, reaches end of road and Saab's bankruptcy application accepted by court |
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A racing car enthusiast with the skills of a deal maker, fire fighter and diplomat, the Swedish Automobile chief has spent most of 2011 flying from continent to continent trying to stitch a deal to save the iconic Swedish car. He tapped a network of potential investors -- including friends, businessmen, companies, and fund managers, from Russia, China, the United States, and the Middle East. He even tried to sell his "baby" luxury niche sportscar company Spkyer -- twice -- and use the proceeds to help keep Saab in business. But despite Spyker's motto "nulla tenaci invia est via" -- "for the tenacious, no road is impassable" -- Muller's dream is over. Earlier on Monday, Saab asked a court in Sweden to declare it bankrupt, after General Motors vetoed a plan involving Chinese investor Zhejiang Youngman Lotus Automobile. [Read the full article] By Tom Gibbs - December 16, 2011 | Tickers: F, GM, HMC, TM Tom is a member of The Motley Fool Blog Network -- entries represent the personal opinions of our bloggers and are not formally edited. There is a very slim probability that General Motors (NYSE: GM) investors, if polled in the mid-20th Century, could have foreseen the auto legend’s reign come to a dying halt through the eventual surge of lean foreign competition. The same group of individuals who witnessed GM’s abundant 50%+ American market share nearly cut into thirds over the next fifty years, also most likely did not expect the company’s successful post-bankruptcy resurrection. [Read the full article] TROLLHATTAN, Sweden, Dec 19 (Reuters) - Famed Swedish car maker Saab was declared bankrupt by a court on Monday, ending a nine-month survival battle by its Dutch owner. Saab, which has made cars for 64 years, has suffered cash problems since March after 2010 sales fell short of target amid the disruption of its sale by General Motors. Saab owner Swedish Automobile said former owner and key licence holder General Motors had blocked a last-ditch rescue plan by Chinese investor Youngman. It also criticised the court-appointed administrator who had been overseeing its creditor protection process and who, it said, had meddled in the deals. Saab proposed a new rescue involving Zhejiang Youngman Lotus Automobile, but that was rejected by GM at the weekend. "That, basically, was the last nail in the coffin of this beautiful company," Swedish Automobile Chief Executive Victor Muller told reporters hours after handing in a request to a Swedish court to have Saab made bankrupt. [Read the full article] 
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