Saab Automobile and Swedish Automobile N.V. have been scrambling to find the proper funds to pay its massively growing debt. After the news that Saab would be pulling out of the Frankfurt Auto Show, more despair hit the manufacture as Sweden’s Debt Enforcement Agency has begun collecting against Saab. They had a deadline of Tuesday to pay back two suppliers that they failed to meet.
In a telephone interview with Automotive News.com, a case worker for the state agency said, “‘We’ve just begun by looking at what kind of bank accounts they have and what kind of collateral there might be.” Saab owed a Norwegian company, Kongsberg Automotive AB and Infotiv AB, a Gothenburg consulting firm a total lump sum of $633,000. Even though they have been searching for more outside investors, they are still in a non-production phase. As the restart date gets pushed back farther and farther, over 100 debt claims have been filed with the collection agency.
The collection process can take up to three months. If Saab manages to find the funds to pay of its debts by that time, the process can be halted. If not, Swedish Automobile N.V. and Saab will have to file for bankrupcy.
Source: AutomotiveNews.com
