Saab says that some suppliers had agreed to restart deliveries

Article by Christian A., on May 19, 2011

Some of the suppliers for Sweden-based Saab have agreed to resume deliveries after a month’s break due to the company’s unpaid bills, the automaker disclosed on Thursday.

Moreover, Saab is also pushing discussions with the rest of its suppliers. In detail, Gunnar Brunius, the company’s production director and purchasing manager, revealed that the company has started discussions with around 800 suppliers regarding the matter.

He added that the company has entered into an agreement with some of these suppliers such as Plastal, the company’s supplier of plastic components.

He also informed Reuters that the company is aiming to resume production by the end of next week. The vehicle manufacturer, which was purchased by Dutch company Spyker Cars NV last year, was able to close a preliminary funding agreement with China-based Pangda Automobile Trade Co. as a last-minute reprieve.

Under this deal, the Swedish automaker will receive 30 million euros ($43 million) instantly for cars that will go on sale in China. Pangda will also purchase, depending on the approval from Chinese authorities, 24 percent equity stake in Spyker for 65 million euros at 4.19 euros per share.

In addition, Pangda disclosed on Thursday that it intends to set up a manufacturing venture with Spyker and a local partner this 2011, and commence production of vehicles in two years. Should this portion of the agreement fall through, Saab will have to repay the initial 30 million euros.

Topics: saab

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