http://newsroom.saab.com/news/news/saabautomobileabfilesforvoluntaryreorganization.5.6b70d8f7131ef59e7497ffe58.html

“The proposed voluntary reorganization will be a self-managed, legal process under Swedish law headed by an independent administrator appointed by the court who will work closely with the Saab Automobile management team. As part of the process, Saab Automobile has formulated a reorganization plan, which includes a number of aspects aimed at lowering its cost-base and creating a viable, competitive and independent organization. This reorganization plan will be presented to creditors in more detail within three weeks of the filing, although this period could be extended by the court.”

Think of it as a mild version of Chapter 11 bankruptcy. Is it a moment of hope or Saab’s last gasp for air?

Like a dramatic death in a Hollywood film, Saab is taking slow, painful steps toward liquidation, receiving small injections of cash, breathing its last breaths and saying its final words before slowly, tediously, and agonizingly passing on.

Despite its inability to build cars and fulfill orders (production in Sweden has stalled pending supplier and labor union negotiations), CEO Victor Muller has assured the public, particularly Chinese and Russian investors, of the brand’s viability. Future investment from China, which could take anywhere from months to years, is tied up in red tape (unintentional pun).

Without cars to sell other than the GM-built Saab 9-4x crossover, consumer interest has waned and prospective buyers have shied away due to legitimate concerns that a bankruptcy could adversely affect warranty coverage and parts availability.

Saab loyalists daring enough to place orders (11,000 pending) have been waiting months for production to resume in Trollhattan and Swedish police fleets have canceled their orders for new 9-5s, choosing Volvos instead.

As an advocate of free market capitalism, I understand and accept Saab’s inevitable demise, but as an auto enthusiast, every niche brand that closes its doors is one less spark of inspiration in an industry that builds increasingly drab and dour lookalike cars (I’m looking at you, Toyota Camry).

Where would the auto business be without independently-minded niche brands like Lotus, Mazda, and Saab? In all likelihood, it would be just fine, churning out transportation appliances by the millions for fat, vapid Americans.