Trouble could be brewing at Spyker-owned Saab as the Swedish automaker has been forced to stop production for a second straight day. The production stoppage is the result of a payment dispute between Saab and some of its main suppliers.
A Saab spokeswoman confirmed the production halt at the company’s Trollhattan plant but declined to give additionally details. However, several Saab suppliers say they have stopped parts shipments because they were not getting paid at all.
“The information that we got at the end of last week was that they (suppliers) have not been paid by Saab,” FKG chief executive Svenake Berglie told public radio. FKG is Sweden’s association of car industry suppliers.
Despite the work stoppage, Spyker says Saab has adequate finances to meet immediate liquidity needs.
“Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources,” Spyker said in a statement.
The automaker added: “Saab Automobile continues to work on longer-term solutions to further strengthen its financial position and improve its capital structure.”
Russian investor
Saab’s apparent money problems could open the door for Russian businessman Vladimir Antonov. Antonov once owned 30 percent of Spyker but was pushed out to clear the way for Spyker’s purchase of Saab from General Motors. Antonov was cut out of the deal due to alleged connections to organized crime.
However, with Saab now in need of immediate financing, Antonov could be allowed back in. Antonov currently owns Spyker’s sports car division and is looking for a 30 percent stake in Spyker-Saab. Antonov’s Convers Group Management reportedly has assets of $7 billion.
References
1.’Saab seeks to…’ view
2.’Output stopped…’ view
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