Filed under: Saab, Earnings/Financials, Spyker
The negative news for Saab continues to spill out, and the latest bit of gossip continues to paint a dark picture for the Swedish automaker. Reuters reports that parts suppliers are looking to collect on “tens of millions of crowns” in unpaid invoices (10M crowns is around $1.58M U.S. dollars).
Work stoppages and missed sales targets have folks speculating that things aren’t going as planned for the Spyker-owned company. Now, this news of Saab being unable to pay those supplying parts only adds fuel to the fire and suggests that production at its Trollhättan plant may not resume soon. For its part, The Wall Street Journal is reporting that production probably won’t resume until next week – if Saab can come to terms with its suppliers.
The total amount of money that Saab owes has not been verified, but it’s apparently enough that suppliers are no longer willing to continue to provide parts until the financial issue has been cleared up. The issue could simply be that a few key suppliers are wary of Saab’s slow sales and are increasingly unwilling to extend the automaker credit, or it could be that Saab has fallen well behind on its obligations – or it might be a combination of the two.
Saab had previously repeatedly stated that its business plan is fully financed through 2012. Top tip, Louis!
[Sources: Reuters, The Wall Street Journal – sub. req. | Image: Fabrice Coffrini/AFP/Getty]
Report: Supplier group says Saab owes millions originally appeared on Autoblog on Thu, 07 Apr 2011 14:33:00 EST. Please see our terms for use of feeds.
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