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Saab subsidiary avoids bankruptcy

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Saab subsidiary avoids bankruptcy
15:26 CEST+02:00
Saab subsidiary Saab Automobile Tools has avoided collapse after reaching an agreement with a supplier which had earlier on Friday applied for the firm to be declared bankrupt.

Saab announced on Friday that the two parties had reached an agreement over payment.

An official at Vänersborg District Court in western Sweden confirmed on Friday that an application had been filed by SwePart Verktyg AB for Saab Automobile Tools AB to be declared bankrupt.

"Many of us are in the same boat. And what can you do when the other party does not get back to you?" said Swepart Verktyg chairperson Lars Thunberg on the decision to apply to the court.

According to Thunberg, the claim is for a total of 5 million kronor ($800,000). He added that Saab had repeatedly assured the firm that the liability would be met, with the last promised deadline on June 2nd.

When the payment had not arrived on June 8th, Thunberg and Swepart Tools lost patience with the beleaguered car maker.

"It broke my trust," Thunberg said.

"I do not want them to go out of business, that you have to understand, for it would be terrible. But for us, who are a small company, this constitutes a lot of money."

Saab Tools and Saab Parts were formed in order to facilitate guarantees for loans from the European Investment Ban (EIB).

The subsidiaries have lent a total of at least 800 million kronor to Saab Automobile, according to the local Göteborgsåposten daily.

Saab Automobile is the sole owner of Saab Automobile Tools AB and the application was the first to be filed against a Saab firm.

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