The owner of cash-strapped car maker Saab filed for bankruptcy protection on Wednesday in a last-ditch attempt to salvage a brand crippled by production stoppages, withheld salary payments and mounting debt.
Swedish Automobile, formerly known as Spyker Cars, said the move would buy it time to receive funding from Chinese investors, currently awaiting regulatory approval, and avoid bankruptcy.
Saab and its subsidiaries Powertrain and Tools are included in the plan for a voluntary and "self-managed" reorganization, while overseas units have been excluded, Swedish Automobile said.
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