A Swedish automaker has finally given up hope that it will secure the loan it needs. The company announced last week that it would be filing for bankruptcy.

The company was purchased by an American automaker several years ago. When that company also experienced financial troubles it sought outside funding. A Chinese company submitted a bid which, after much discussion amongst top executives and creditors, was finally rejected. The automaker's CEO submitted a petition of bankruptcy to a Swedish court. It was with much regret that he was forced to file for bankruptcy. The man had personally secured the deal with the American automaker and had used some of his own savings to do so.

Yet there was nothing he could do to avoid filing. After the deal was made, the company ran out of money just one year later. Production of the once-popular Swedish vehicles has been halted temporarily.

If you need assistance with a business bankruptcy matter in Texas, contact the Malaise Law Firm now to set up a time to consult a Houston bankruptcy lawyer from our law office.