Saab Automobile AB, better known as Saab (English pronunciation: /ˈsɑːb/, or SAAB, an acronym for Svenska Aeroplan Aktiebolaget), was a Swedish car manufacturer owned by Dutch automobile manufacturer Swedish Automobile NV, formerly Spyker Cars NV. It was the exclusive automobile Royal Warrant holder as appointed by the King of Sweden. Originally the automobile manufacturing division of Svenska Aeroplan Aktiebolaget (English: Swedish Aeroplane Limited), later known as Saab AB, Saab Automobile, was acquired in 1990 by General Motors(GM) who sold it to Spyker Cars N.V. (now Swedish Automobile) in 2010. After struggling to avoid insolvency throughout 2011, the company petitioned the Swedish court for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by former owner GM, which opposed the transfer of licenses for patents and technology to any Chinese companies.