(PARIS) — Saab Automobile filed for liquidation on Monday, according to The New York Times.
The Swedish automobile manufacturer decided to file following the collapse of a proposed investment. General Motors, which used to own Saab, opposed a life-saving injection of cash from Chinese investors.
G.M. claimed the deal might damage its relationship with China, the Times reports.
With Monday’s proceedings, Saab’s parent company, Swedish Automobile, has effectively ended its control of the company. Viktor Muller, who bought the Saab from G.M. last year, will reportedly give a press conference after the Swedish court processes the liquidation.
Copyright 2011 ABC News Radio
Nick Valencia, Jason Hanna and Steve Almasy, CNN
Kathryn Vasel, CNN
Ivana Kottasova, CNN