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GM subsidiary Saab files for bankruptcy protection

Business Materials 20 February 2009 12:23 (UTC +04:00)

Saab, the loss-making Swedish subsidiary of US automotive giant General Motors Corp, Friday filed for bankruptcy protection, reports said.

The move was made after the Swedish government Wednesday said it would not take over ownership of Saab after GM said it planned to shed the brand as part of its restructuring efforts, dpa reported.

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