Saab fended off a demand for one of its units to be declared bankrupt

Article by Christian A., 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 Thunberg then announced that the application will be withdrawn on Monday.

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