Sweden’s Finance Minister Anders Borg asks Saab to clarify financial plans

Article by Christian Andrei, on April 13, 2011

Sweden’s Finance Minister Anders Borg said that he wants more clarity on Spyker’s plans (especially its financial solution) on what’s to become of Saab. This statement made it apparent that there won’t be a quick deal between Sweden and Spyker to resolve Saab’s cash problems.

Saab’s plant has been shuttered for nearly two weeks as it’s unable to continue production after suppliers demanded that they be paid before they resume the supply.

Borg said that there could be significant remaining complications to this difficult matter.

He explained that the state, which guarantees a 400 million euros ($580 million) loan to Saab from the European Investment Bank (EIB), believes that the problem will have to be resolved by “those who are responsible for Saab.”

The unpaid bills amount to hundreds of millions of crowns. Spyker has asserted that it is not in danger of collapse but its suppliers have become worried.

Per-Ewe Wendel, chief executive of auto components maker Plastal Sverige (which came up with 5-6% of its revenues in 2010 from Saab), said that it will take action if there are no updates within the upcoming few days.

He said that this means that contract and temporary workers may have to be sent home. Saab was bought by Dutch group Spyker from General Motors Co. in 2010.

Topics: sweden, saab

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