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

Article by Christian A., 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

If you liked the article, share on:

Comments

Recommended

A racing team is claiming that it has managed to break the lap record in its category in the ever-demanding Nurburgring circuit in 2016 while driving a road-going Volvo S60...
by - May 27, 2017
Aside from the officially confirmed BMW 8 Series, the next generation BMW M5 (F90) is getting a lot of attention from the fans, enthusiasts and even potential customers around the...
by - May 27, 2017
Automobili Lamborghini’s preparations for the production of its first ever sports utility vehicle, the new Lamborghini Urus, has reached new grounds as the Italian carmaker is disclosing plans to construct...
by - May 26, 2017
The upscale version of the GMC Yukon body-on-frame sport utility vehicle – the GMC Yukon Denali – has been refreshed for the 2018 model year. It now sports a new...
by - May 26, 2017
The largest gathering of Volkswagen and Audi cars in Europe is underway, and the German premium carmaker is displaying the third model of its G-Tron range at the 2017 Worthersee...
by - May 26, 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