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Saab automobile start fracturing as subcontractor to subsidiary seeks bankruptcy protection



  

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Friday, 22 July 2011
The car manufacturer Saab has now received its first request for bankruptcy against itself. It is the subcontractor SwePartVerktyg requesting subsidiary Saab Automobile Tools in bankruptcy protection. Bankruptcy petition was filed to V�nersborg, County court in Sweden on Friday, that is, today.

“We do not want Saab to go bankrupt. But Saab has not paid its debt, we have been given different dates when it should be regulated and they have failed to come back to us and failed to pay the debt. And then we find no other way but to file for bankruptcy,” says Lars Thunberg, who heads SwePartVerktyg, to Swedish television news program Rapport.

“All companies in Sweden that have some sort of claim on Saab have been punished in the form of increased capital expenditure. Not every company is able to survive with operational loss of 6 to 8 per cent of their turnover. That is a lot of money.”

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SwePart Verktyg requires that Saab pay them Skr5.9 million and Lars Thunberg says that the company can survive bankruptcy without the money immediately, but that many other contractors are in worse condition.

“I'm not so worried about Saab's part, however, I see more evidence of concern for the Swedish industry in general, a bankruptcy would have a huge wave,” says Lars Thunberg.
“I know that Saab would do the right thing, but they have not lived up to what they have promised.”

Saab says it is working to settle the debt, but according to Lars Thunberg, communication has not worked. Now he believes that more suppliers may follow suit and file for bankruptcy in order to speed up negotiations with Saab.

Subcontractors Association had requested earlier that the Russian businessman Vladimir Antonov should be admitted as a financier of Saab. But as at today, there has been no green light coming either from the European Investment Bank, EIB, or from the Swedish government.

According to G�teborgs-Posten, Saab subsidiaries Saab tools and Saab Parts have lent a total of Skr800 million to the parent company Saab Automobile.

Saab: It is regrettable, of course
From Saab page regretted petition submitted to the subsidiary.
“It is regrettable, of course, but we are working to resolve this as quickly as we can, says Eric Geers, Communications Director at Saab Automobile, to Swedish news network TT.
By Scancomark.se Team


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