Saab Asset Seizure | TheDetroitBureau.com
Detroit Bureau on Twitter

Posts Tagged ‘saab asset seizure’

Saab Sinking Fast

Maker faces threat of asset seizure.

by on Aug.18, 2011

Photo by Len Katz.

Production of the Saab 9-4X continues but the rest of its line-up is on hold.

Things look great for Saab – at least on paper, the struggling Swedish maker haven’t lined up an assortment of investors promising to pump $100s of millions of dollars into the company – but the reality is far more bleak.

With unpaid suppliers increasing pressure to get Saab to pay the $625,000 they’re owed, the Swedish Enforcement Agency is warning it may begin legally seizing the carmaker’s assets.  That would be a very likely prelude to the collapse of the company, which has been struggling to re-open its headquarters factory in Trollhattan since partsmakers began a boycott in March.

With the factory that produces the flagship 9-5 model, as well as the smaller 9-3 idled, dealers around the world have been running short of product.  And Saab’s coffers continue to drain since its revenue stream begins the moment products roll off the line.

http://www.thedetroitbureau.com/about/subscribe

Your Winning News Source!

The company desperately needs a “major automotive partner,” asserts IHS Automotive analyst Aaron Bragmann, but there is no one likely to come to Saab’s rescue at this point, he contends, a position most other analysts echo.

(more…)