After six decades of building cars renowned for their teardrop designs and quirky features, cash-strapped Saab Automobile gave up its desperate struggle for a lifeline Monday and filed for bankruptcy. Saab CEO Victor Muller said “the last nail in the coffin” was previous owner General Motors Co.'s rejection of a Chinese company's attempts to gain control of the ailing Swedish brand. Muller personally handed over the bankruptcy petition to a Swedish court, which approved it late Monday. Volvo Cars, Sweden's other carmaker, is presently ramping up production after China's Geely Holding Group bought it from Ford Motor Co. last year. Muller used Spyker Cars to buy Saab from GM in 2010 for $74 million in cash plus $326 million worth of preferred shares.
