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Saab on brink of closing after GM rejects rescue plan

Saab Automobile filed for bankruptcy on Monday and is on the brink of shutting for good after former owner General Motors rejected a rescue plan. The move sets the scene for the end of Saab's struggle to survive after months of hastily drawn-up deals for a company that hasn't made a vehicle in months. The latest plan involved Chinese automaker Zhejiang Youngman Lotus Automobile, but this was vetoed by GM, still a key Saab supplier, over the weekend "After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded," Saab's Dutch owner, Swedish Automobile, said in a statement.

News watch November 2011: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Tuesday 29 November 2011• Saab's UK division today filed for administration as it waits for funding from its would-be Chinese investors (Automotive News Europe) • In a statement, Saab GB said: 'Saab Great Britain Ltd filed for administration with the High Court in London... The  board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured'• Frantic negotiations continue between Saab owner Swedish Automobile and its Chinese suitors, Youngman and Pang Da, which signed an MOU to buy Saab for €100 million.

Armor-plated SUV among extravagant debuts at Top Marques Monaco show

While AutoWeek editors were pounding the pavement at the New York auto show last week, the world's silly rich were nodding polite approval at the Top Marques Monaco show. Included in the debuts were Gemballa, Fisker, Keating, Tirrito and Conquest, the latter of which showed off a ridiculously large, armor-plated SUV called the Knight XV that reportedly took organizers three hours just to maneuver it through the hall doors. Lest we forget that we're all human, Top Marques Monaco also had its “Black Friday at Wal-Mart” moments: According to organizers, Gemballa's world premiere of the Tornado was cut short after it was purchased “within 16 seconds of the show doors opening by a sheikh eager to have a piece of the action.” Full wrap-up release from Top Marques Monaco below.