Saab supplier forced to seek reconstruction


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Tuesday, 21 June 2011
Saab automobile’s inability to pay its debts has made situations impossible for a supplier. The technology company i3tex is reported to have been forced to file for reconstruction at the Gothenburg District Court on Tuesday according to reports for Swedish daily, G�teborgs -Posten.
According to the company's CEO, Ulf Aiff, liquidity shortage is becoming acute because of Saab's defaults.


"I3tex is basically a sound company but we are no longer able to performing banking operations as a result of Saab. It has a debt to us for over Skr10 million and since we are a young company we can not keep our commitments to employees and suppliers," writes Ulf Aiff in a press release.

The company has over 250 employees in Gothenburg, Trollh�ttan, Norrk�ping, S�dert�lje and Malm�, which about 20 of them are working as consultants to Saab.
i3tex is hoping that there would be an arrangement with its suppliers.
By Team

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