Saab unit faces bankruptcy bid
Source: Agencies |
July 23, 2011, Saturday
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Print Edition
Print Edition
AILING Swedish car maker Saab came under further pressure yesterday when a supplier asked for one of its subsidiaries to be declared bankrupt over a small debt.
Car production at Saab, owned by Netherlands-based Swedish Automobile, has been near halted since early April by a lack of parts after Saab failed to pay suppliers.
An official at the Vanersborg District Court in west Sweden said it had received an application from SwePart Verktyg for Saab Automobile Tools to be declared bankrupt. A court document showed SwePart is demanding 5 million crowns (US$796,400).
Saab Automobile Tools is fully owned by Saab Auto-mobile, whose production plant is in Trollhatten, west Sweden.
Saab, Swedish Automobile and SwePart could not be reached for comment.
Saab missed sales targets last year after being bought by Swedish Automobile from US auto giant General Motors for US$400 million.
Swedish Automobile said on Thursday that it had yet to reach agreement with suppliers on obtaining all the parts needed to build cars and that production would not resume until the end of August at the earliest.
Car production at Saab, owned by Netherlands-based Swedish Automobile, has been near halted since early April by a lack of parts after Saab failed to pay suppliers.
An official at the Vanersborg District Court in west Sweden said it had received an application from SwePart Verktyg for Saab Automobile Tools to be declared bankrupt. A court document showed SwePart is demanding 5 million crowns (US$796,400).
Saab Automobile Tools is fully owned by Saab Auto-mobile, whose production plant is in Trollhatten, west Sweden.
Saab, Swedish Automobile and SwePart could not be reached for comment.
Saab missed sales targets last year after being bought by Swedish Automobile from US auto giant General Motors for US$400 million.
Swedish Automobile said on Thursday that it had yet to reach agreement with suppliers on obtaining all the parts needed to build cars and that production would not resume until the end of August at the earliest.
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