Three Suppliers Request Saab Bankruptcy, August 16 Is Judgement Day
Just three weeks after Saab narrowly avoided being pushed into bankruptcy by supplier SwePart, SvD.se reports that three other suppliers have now initiated the bankruptcy process by requesting that Sweden’s national debt bailiffs pursue their debts. One Spanish supplier is reported to be foreclosing on €2m ($2.8m in debt), while two of the rebelling German firms are said to be owed at least €5m each. And though Saab says it is meeting with the Spanish firm to try to hammer out a deal, SvD reports that four of the 14 outstanding claims against Saab have run out of time. Lars Holmqvist, head of the European Association of Automotive Suppliers argues that, by paying some suppliers and not others, Saab is de facto bankrupt, and that a trustee should be brought in to pay suppliers in order of priority, rather than order of Saab’s necessity. Meanwhile, Saab CEO Victor Muller has been in Brazil and the US, trying to bring new investors on board, as its Chinese funding won’t be approved for two-to-three months, if ever. Meanwhile, “taxes and fees” must be paid by Friday, August salaries are due in just two weeks, and Muller cut his latest money-raising trip short to reassure workers back in Trolhättan. But according to thelocal.se, even the most optimistic of union leaders hope Saab will have a new CEO soon. Do I hear the fat lady warming up her vocal cords?
More by Edward Niedermeyer
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Meh. Even the B&B are silent (or, more likely, exhausted) in the face of the continuing drama from Sweden.
Even if Saab build to fill their orders theres no guarentee more will follow The band is all tuned up bring on the fat broad.
As it finally sinks into Mercedes and BMWs brains, that yes 1-series cars NEED to be front-drive, why do they even bother trying to reinvent the SAAB? And where are Chinese and Russian auto makers looking to make/sell a worldwide recognized brand TODAY?
There comes a time when even the most loved family pet has had enough and has to be let go of. Enough already, enough.