Automaker Saab Files for Bankruptcy

December 19, 2011 Updated Dec 19, 2011 at 1:58 PM EDT

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Automaker Saab Files for Bankruptcy

December 19, 2011 Updated Dec 19, 2011 at 1:58 PM EDT

According to a news release issued Monday, Swedish automaker Saab announced it has filed for bankruptcy.

According to the news release: "The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors."

Read the Saab news release HERE.