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Last updated on Friday, February 20, 2009
(TROLLHÄTTAN, SWEDEN) - General Motors subsidiary Saab has officially filed for bankruptcy protection in Swedish courts today.
The Detroit News reports GM's Swedish mid-luxury division, filed for bankruptcy as GM declared it would no longer fund Saab's losses. Saab's leadership says they are now looking for new ownership or other options, making it clear that their relationship with GM is time-limited.
How that will affect GM, however, is unknown, as Saab currently produces the European market Cadillac BLS sedan and wagon at their home Trollhättan, Sweden plant.
Saabs have long been known for their turbocharged engines and quirky design, including their putting their ignition on the floor, and for their origins in aviation.
Saab AB, the aerospace company, is a separate company and won't be affected.
And, despite marketing efforts in the 1980s and their being made in Trollhättan, Sweden, Saabs are not, nor have ever been, made by trolls.
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