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

Article by Christian Andrei, 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 Thunberg then announced that the application will be withdrawn on Monday.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

Login or Create new account to add a comment!

Recommended

Back in 2009, Nissan first introduced the Nissan Leaf, the company’s first all-electric vehicle. LEAF stands for Leading Environmentally-friendly Affordable Family car and this particular EV has been considered as...
by - December 3, 2016
In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
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