China's Pang Da Automobile Trade <601258.SS> said on Wednesday it would halt its attempt to acquire Swedish carmaker Saab in light of Saab's bankruptcy.
Saab was declared bankrupt by a court on Monday, ending a nine-month survival battle by its Dutch owner.
In view of Saab being declared bankrupt, Pang Da Automobile Trade has decided to stop the acquisition transaction of Saab, Pang Da said in a statement to the Shanghai stock exchange.
Saab, which made cars for 64 years, has suffered cash problems since March after 2010 sales fell short of targets amid the disruption of its sale by General Motors
Pang Da said in the statement that it would follow relevant procedures to try and retrieve the 45 million euro (37.6 million pound) advance it had given to Saab, but warned that it may not be successful.
Saab has not made any vehicles since April and several rescue attempts have failed. Saab owner Swedish Automobile
As late as early December, Pang Da was optimistic about a rescue, saying it was still in talks with various parties including Saab on plans to invest in the firm.
(Reporting by Melanie Lee; Editing by Jonathan Hopfner)