Saab Referred To Collections. Bankruptcy Threatened
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:
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.”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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So when can we order the special edition "bankrupt" trim level?
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?