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 Thunberg then announced that the application will be withdrawn on Monday.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

The Shooting Brake is probably the least rendered body shape in the automotive world. But it’s also the most sought after design among car nuts for its unique, old-fashioned charm....
by - January 23, 2017
Perhaps to make the upcoming Valentine’s day more special, Tinder dating app and Ford UK have cooked up a special blind date for all the single blokes and chicks in...
by - January 23, 2017
2017 is undeniably a very busy year for BMW. After introducing the new 4-Series, the German automaker has just released several new updates. In relation to this, BMW is also...
by - January 23, 2017
The renowned Shelby Super Snake is now 50 years old! As we greet the Super Snake a “happy birthday” or a “happy anniversary,” Shelby itself is celebrating half a century...
by - January 23, 2017
Nearly a year after the Subaru XV Concept was unveiled at the 2016 Geneva Motor Show in Switzerland, this SUV study is making its North American debut at the 2017...
by - January 23, 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