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Saab's Sad Story Part 39 - Is The End Nigh?

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Saab's Sad Story Part 39 - Is The End Nigh?

William Maley - Editor/Reporter - CheersandGears.com

August 16, 2011


If you're heading out to the Frankfurt show this year, one automaker you will not see is Saab. Saab said today the company will not be attending next month's Frankfurt show. The reason, to pay off creditors. Saab has more than 100 outstanding claims filed with Sweden's Debt Enforcement Agency, with some companies filing more than one claim, and eight asking for the regulator’s involvement.

The agency has announced they might begin the debt collection process on Wednesday and freeze assets unless Saab pays $620,000 to Kongsberg Automotive AB, a seat manufacturer, and Infotiv AB, an advanced electronics consultant by tomorrow.

“The collection process that may start tomorrow would include investigating Saab’s bank accounts and potentially also other assets,” which could mean freezing them pending payment, said Hans Ryberg, a division chief at the state agency.

Ryberg says if Saab makes this payment, there's another $792,000 payment due the week after.

Saab knows how much hot water they're in but they're not commenting on the proceedings.

“We’re of course totally aware of this situation with the collection agency, but I can’t comment on what we’re going to do,” said Eric Geers, spokesman for Saab Auto.

Saab has been busy raising money to help pay off their deby; yesterday their parent company, Swedish Automobile NV sold 4 Million shares to Global Emerging Markets Global Yield Fund, an alternative investment firm in Geneva.

Source: Bloomburg Businessweek

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