Saab Referred To Collections. Bankruptcy Threatened

Bertel Schmitt
by Bertel Schmitt

A group of businesses that are owed anywhere between $198 and $744,083 could force ailing Saab to declare bankruptcy. They have turned to the Swedish Enforcement Agency, better known (and feared) in Sweden as the “Kronofogden.” That agency introduces itself as follows:

“Is there a bill you cannot pay? Or are you not getting paid by someone who owes you money? In both cases, it will be Kronofogden that you come into contact with. A debt that is not paid ends up in Kronofogden´s register. This register is open for all to consult. As a result, anyone wishing to find out how someone else manages their finances can check the register. If a person´s name appears in the register, he/she can find it difficult to buy on hire purchase, borrow money or rent an apartment.”

Currently, there are 48 entries on that list that claim that Saab owes them. Lots of suppliers. A few bill collectors. A patent attorney. One of the world’s largest CPA firms, Pricewaterhouse-Coopers, demands $104,904.

Swedish online newspaper GT published a list of all the claims allegedly reported up to Tuesday. Here it is:

CreditorAmt SKRAMT USDSvensk Bilprovning:10,309 kr$1,595Supplies Team Sverige:1,559 kr$241Uddeholm Svenska:150,272 kr$23,246Dahl Sverige:50,661 kr$7,837Michael Page International:1,812,330 kr$280,360Posten Meddelande:443,330 kr$68,581Effect Management Search:128,014 kr$19,803Kongsberg Automotive:4,338,708 kr$671,180De Lage Finans:157,904 kr$24,427Siemens:19,007 kr$2,940Bording:99,134 kr$15,336Posten Meddelande:244,909 kr$37,886Kontentan Förlags:1,280 kr$198Awapatent:319,513 kr$49,427Öhrlings Pricewaterhouse-Coopers:678,521 kr$104,964Benteler Aluminium Syst.:82,029 kr$12,690Mutual Benefits:455,948 kr$70,533Brännkammaren 67:223,224 kr$34,532Teliasonera Sverige:5,525 kr$855Ultramare:32,890 kr$5,088Chemetall Skand. Ytteknik:361,174 kr$55,872Infotiv:215,653 kr$33,361Granzow:90,867 kr$14,057Materialcenter Väst:93,725 kr$14,499Benteler Aluminium Syst.:973,005 kr$150,520Netgroup Engineering i Gbg:92,847 kr$14,363Svea Ekonomi:4,128 kr$639Kopparberg Finans:129,683 kr$20,061Bording:5,162 kr$799Atlas Copco Compressor:141,875 kr$21,947Atlas Copco Compressor:6,127 kr$948Runelandhs Försäljnings:3,234 kr$500Live Nation Sweden:238,001 kr$36,818Carlhag:5,129 kr$793TDC Sverige:2,597 kr$402Svenska Elektrod AB:2,262 kr$350Fasitet PDE:4,809,973 kr$744,083Eniro Sverige:35,762 kr$5,532Dacat:238,653 kr$36,919Atlas Copco Compressor:448,501 kr$69,381HIQ Göteborg:3,327,844 kr$514,803Inkasso Marginalen:436,099 kr$67,463Awapatent:233,601 kr$36,137Mima Skepps- och Industriservice:686,278 kr$106,164I3tex:425,939 kr$65,891Releasy Customer Management:266,967 kr$41,299J Event:729,118 kr$112,791Chemetall Skand. Ytteknik:341,427 kr$52,817Chemetall Skand. Ytteknik:142,316 kr$22,01623,743,014 kr$3,672,944

This list is as published by GT, we assume no responsibility for completeness or correctness.

GT points out that this is just the list of the creditors that turned to the state agency for collection. “The total debt is many times greater,” says the paper. “The situation is extremely serious,” said Sven-Ake Berglie, president of Fordonskomponentgruppen. He also points out that this list just scratches the surface: “The largest creditors are abroad. For example, GM.”

Germany’s Automobilwoche [sub] reports that “increasingly impatient suppliers could soon file a petition for bankruptcy.” Getting on the Kronofogden list establishes priority in bankruptcy proceedings. Kronofogden is not just bill collector and keeper of the list of shame, it also supervises bankruptcy proceedings:

“A company whose debts are excessive may be declared bankrupt by those to whom it owes money. The company is then taken over temporarily by a bankruptcy administrator, often a lawyer, whose task it is to share the remaining money among those with claims on the company. Kronofogden supervises the bankruptcy administrators and ensures that they perform their task correctly.”

But Kronofogden is also here to help: “

If you have major debts that you think you will never be able to repay, you can apply to Kronofogden for help with debt relief. This will require you to live for five years at the minimum possible level of financial outgoings. All surpluses in your finances will be used to pay off your debts. After five years, you will be clear of debt.“

Come on: Just five years at minimum possible level of financial outgoings, and you are debt-free.

But wait. Aren’t there bazillons coming from China? Says Automobilwoche: “Currently, these are non-binding dreams of the future out of a joint letter of intent. The reality faced by the more than 3,700 workers that had to fear for their jobs for more than a year looks a lot more dismal than a rosy future Made in China.”

Join the conversation
2 of 10 comments
  • Redliner Redliner on Jun 15, 2011

    So when can we order the special edition "bankrupt" trim level?

  • Seanx37 Seanx37 on Jun 15, 2011

    This may sound dumb, but how much do they owe GM? After all, the 9-3 is a Chevy Malibu. The 9-5 is a Buick LaCrosse. GM is the source of almost all major parts. GM is building the 9-4 for them. They actually exist, I have seen them on the road. Are they paying GM?

  • Dawn Maple They haven't even fixed the airbag issues and recalls completely, so why waste more time and money on another "safety feature" that removes choices from the driver? We would be safer getting in a car driven by Helen Keller. Oh wait with driver assist, all she has to do is find her car and turn it on.
  • Lorenzo I'm out. I'd never find it in the dark.
  • VoGhost Minivans don't sell well, and the market has been declining. And while the entire 'range anxiety' myth is mostly a big oil propaganda designed to scare the weak minded, minivans are often how families travel to grandma's house, so that will be a concern, unless VW can gain access to the Supercharger network. I could see 50K units at peak, declining to 25K/year after a couple of years, unless VW can price competitively with Tesla.
  • VoGhost Glad you're healthy, Tim
  • VoGhost 20 years ago, Sportage was the bottom of the barrel, a joke. Kia's come a long way.