After months of dire news, Saab has officially filed for bankruptcy. Full coverage inside

After months of dire news, Saab has officially filed for bankruptcy.

Essentially a "voluntary reorganization," the move will attempt to secure the company's short-term stability while awaiting an influx of cash from the Pang Da and Youngman deal.

If the court approves the filing, Saab will be appointed an independent administrator who will work closely with the automaker to create a reorganization plan which calls for reducing costs and creating a competitive business model. The plan will eventually be forwarded to creditors and Saab is hopeful they will approve.

Should everything pass muster, the reorganization will be completed over a three month period but the court has the option to extend that schedule up to a year.

In a statement, CEO Victor Muller said "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." He continued, "While the voluntary reorganization process will no doubt present us with a number of tough issues and decisions, I believe that Saab Automobile will emerge stronger from this process."

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