Saab has failed to convince a Swedish court that the company should be protected from bankruptcy proceedings while it tries to refinance itself with Chinese money.
According to latest reports, a judge has today determined "there was no reason to believe the bankruptcy protection plan would help save Saab."
Unions are one of the creditor groups lining up to pursue bankruptcy, as this would activate a state wage compensation scheme for workers still owed money.
Unfortunately for Saab enthusiasts, it appears time may be running out for a company that has been battling for survival against the odds since GM threatened to close it in 2009. Spyker Cars bought the firm before renaming itself Swedish Automobile, but it hasn't appeared to have been able to do much to stave off disaster.
Victor Muller (Swedish Automobile's boss and main shareholder) has declared his intention to appeal, but as Saab has already benefited from bankruptcy protection in 2009, it can't make life any easier.
...and an innovative company
And we can't help but wonder about the Chinese interest in all this. If Saab does go bust, will those potential 'partners' who've been spinning out the drama so long be left to pick over the bones?
They can't build the new 9-5 in China because the property rights still belong to GM, but we know the Chinese want to build a new 9-3 locally - at least according to Mr Muller who says a deal is in the offing - in which case we fail to understand the apparent reluctant of Chinese officials to sign the paperwork.