Swedish automaker Saab faces a dismal future after corporate owner General Motors let them loose. Now, nine years after the two companies struck a deal, Saab’s been forced to file for bankruptcy. Tear. This is just the latest move by General Motors to restructure their company and save themselves from financial ruin.

The New York Times reports:

Saab lost about 3 billion Swedish crowns or $343 million in 2008 and said it would lose a similar amount this year. But the immediate cause of the filing was GM, which decided to shed the Saab brand, as part of a structuring that will see massive job cuts and closure of several brands in exchange for access to government cash.

According to industry analysts, the losses were attributed to decreased demand for cars, aging car models and poor use of facilities.

The managing director of Saab, Jan-Ake Jonsson, said in a statement that the company plans to restructure to make way for private investors to buy all or part of the company.

We explored and will continue to explore all available options for funding and/or selling Saab, and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment.

Meanwhile, two days ago, GM said it will eliminate Saturn by 2012. Hummer’s fate will be decided later in March. And ten days ago, GM made another big announcement: massive global layoffs. Industry analysts are saying the fallen automaker must continue drastic measures to pay back Uncle Sam by the end of 2011.