Saab fended off a demand for one of its units to be declared bankrupt

Article by Christian A., on July 23, 2011

Saab has entered a settlement with a supplier last Friday, deflecting a demand for one of its units -- Saab Automobile Tools AB -- to go bankrupt. This move by the supplier emphasized just how unstable Saab is.

In early 2010, Saab was saved from bankruptcy by Swedish Automobile. But production had to stop last April as its suppliers had stopped delivering the required auto parts since they have not been paid.

In a Reuters interview, Lars Thunberg, chairman of the SwePart Verktyg AB company which filed the application for bankruptcy, said, "We got fed up when they never got back to us.” He also emphasized that this is a “great deal of money” for the supplier company.

According to the bankruptcy filing released by the Vanersborg district court in west Sweden, Saab owes about 5.9 million Swedish crowns ($934,000) for tools to SwePart. Saab's production plant is located in the same region in Trollhatten.

In this document, SwePart said that as it has been over a week from the summons and Saab had not made payment, it should be named insolvent. Later on Friday, Swedish Automobile revealed that it entered a deal on payment terms with the supplier. Thunberg then announced that the application will be withdrawn on Monday.

Topics: saab

If you liked the article, share on:

Comments

Recommended

As it turned out, we’ll be seeing Toyota’s new super supermini at the 2017 Geneva Motor Show in March. It’s time we all get to meet the new Toyota Yaris...
by - February 23, 2017
Opel revealed it has sweetened the pot for 2017 Insignia Grand Sport customers with the Opel Exclusive program. Through this program, the brand hopes to introduce a wide selection of...
by - February 22, 2017
Fireball Performance Cars has been known to make the fastest sixth generation LT1 Camaros in the world. Once again it has managed to walk the talk as it hit a...
by - February 22, 2017
The North American unit of German premium carmaker BMW is recalling around 19,000 units of its BMW i3 electric vehicle because of the risk of fuel leak. You may ask,...
by - February 22, 2017
A publication by the U.S. Patent and Trademark Office revealed that Honda is still looking into the Project 2&4 Concept. Officially unveiled during the 2015 Frankfurt Motor Show, the Project...
by - February 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries