Saab files for bankruptcy after Chinese deal fails

This file photo taken Feb. 23, 2009, shows the Saab logo at an auto dealership in Berlin, Germany. A district court in southern Sweden has rejected Saab Automobile's application for creditor protection Thursday, Sept. 8, 2011, paving the way for possible bankruptcy filings from labor unions. (AP Photo/dapd, Dorothea Tuch, File)

December 19, 2011 10:17:55 AM PST
Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors.