Sweden’s Debt Enforcement Agency to start a collection process against Saab

Article by Christian Andrei, on August 15, 2011

The Debt Enforcement Agency of Sweden will begin a collection procedure against Saab Automobile on Wednesday. It could freeze the automaker’s assets unless the company pays around $620,000 Tuesday to two suppliers, an official disclosed. Hans Ryberg, a division chief at the state agency, reveals that the collection procedure would include an investigation on the automaker’s bank accounts and probably on other assets.

Norway-based manufacturer of car-seat components, Kongsberg Automotive AB, is one of the two companies that Saab must pay Tuesday to prevent the collection procedure.

Ryberg disclosed that the "big majority" of the money is owed to Kongsberg. Sweden-based consulting firm Infotiv AB is another company that Saab must pay Tuesday. The automaker was forced to stop vehicle production during the late part of March due to a shortage in cash.

Its assembly link hasn’t been operating since the early part of June. The automaker is trying to increase its finances and has announced that it aims to resume operation in a few weeks.

The automaker’s owner, Swedish Automobile NV, has obtained funds last Monday by selling 4 million new shares to GEM Global Yield Fund Ltd. Eric Geers, a spokesman at Saab, said he can’t comment on what the company is going to do regarding the situation with the collection agency.

Topics: sweden, saab

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