No Solution In Sight For Stalled Saab
Saab’s inability to pay suppliers led it to request a release of some of its debt collateral by Sweden’s National Debt Office, reports Reuters. The NDO has loaned Saab €400m, but with its Russian backer Vladimir Antonov still unable to inject cash into the company, Saab was forced to ask for some of its NDO loan collateral in order to cover its supplier debts. But, according to another Reuters report, NDO spokesfolks say
It is clear what the problem is and everyone possible is trying to solve the problem… a solution to the problem had seemed in sight, but that in the end it did not work out.
The NDO says it will keep working with Saab, and the automaker predicts a resolution by next week (without offering any further details). After a year of independence from GM, the Swedish brand could well be reaching the end of the line.
More by Edward Niedermeyer
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My wife and I went to our local Cadillac-SAAB-Land Rover dealer to look at a CTS (she wants one, but I digress), and as we were walking across the lot past a few SAABs, I asked the sales guy if SAAB was still a going concern...his response was, yes, but we don't really know how far they're going.
Oil blew past $112 today and Americans are STILL looking at Cadillacs and Land Rovers?? that might get 25mpg going downhill? Yeah, by all means, get those turbod 4cylinder SAABs off the lot to make more room for the avalanche of Caddy and LR customers that are surely coming.
These Saab stories are getting wearisome. Please, someone take off the respirator and let poor Saab rest in peace.
Dear SAAB bashers, "poor" SAAB is sure facing a rough ride till they'll be on an easy road again. I guess, you'll have another two years to repeat your prayers. Enjoy the time! In 2013 it'll be over, I'm pretty sure. No more SAAB bashing then. So, don't forget to watch out for someone else to worry for! Yours sincerely saabista63