Swede dreams: Saab files for bankruptcy

It's finally happened, Saab has filed for bankruptcy. The Swedish firm's parent company, Swedish Automobile NV (Swan) declared that the firm's deal with Chinese company Youngman falling through means the company, without funding, can't continue to trade.

Swan and the Board of Saab decided that filing for bankruptcy is the best thing for its creditors and are expecting Swedish courts to approve the action quickly.