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Cash strapped Saab automobile borrows from its impressively performing subsidiaries



  

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Friday, 22 July 2011
Saab Automobile has borrowed at least Skr800 million of its independent subsidiary Saab Parts and Saab Tools.
The auditors warn in the financial statements that the subsidiaries, which have been doing well despite Saab’s financial drought, may have problems if Saab Automobile would fail, reports Swedish daily Gļæ½teborgs Posten.
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The subsidiaries were formed when Saab was split to create the possibility of a guarantee for EIB loans.
According to financial statements Saab Parts also handed to the group of Skr680 million. The subsidiary has 280 employees. Sales amounted last year to Skr1.5 billion.
By Scancomark.se Team


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