Law and Rights
Saab's main assembly plant in Sweden remains shut down while parts suppliers line up with hand outstretched, wanting paid for parts deliveries. Saab officials say they have $200 million in the bank, according to The Detroit Bureau, but still are trying to figure out how the deal with the supplier demands.
The shutdown is now in its fourth day as suppliers continue to hold out for payment. Supposedly Saab is trying to get either foreign investors or perhaps GM to loan it more money, but if they really have money in the bank you would think they would just pay the bills and keep building cars while they are trying to get more investors lined up - or maybe this is something far worse?
Whatever the problem, if you've got a Saab, you may soon have an orphan.
And if you are in the market for a new car, think twice before you drive off the lot with a Saab - new or used.
Burdge Law Office
www.BurdgeLaw.com
Because life is too short to drive a lemon.
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- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
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- Saab Opens Manufacturing Plant - And Gets Shut Down Again - It Just Never Ends
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- Saab Is Tottering On The Brink Of Collapse - Financing Falls Thru
Saab breathed a sigh of relief a few days ago when it announced a deal with a Chinese automaker that would have Hawtai Automotive Group gobble up 29.9% of Saab and loan it more money, funneling to Saab $216 million. With the money, Saab was set to pay...
- Saab Is In Trouble? Unpaid Suppliers Shut Down The Assembly Line For Lack Of Payment
Unpaid suppliers shut down the assembly line for lack of payment on overdue bills from Saab. The Saab Sweden plan got back to normal after a day long shut down that was sparked when suppliers refused to deliver parts because of outstanding bills that...
Law and Rights
Saab plant continues shut down; parts shortage; millions owed to suppliers?
Saab's main assembly plant in Sweden remains shut down while parts suppliers line up with hand outstretched, wanting paid for parts deliveries. Saab officials say they have $200 million in the bank, according to The Detroit Bureau, but still are trying to figure out how the deal with the supplier demands.
The shutdown is now in its fourth day as suppliers continue to hold out for payment. Supposedly Saab is trying to get either foreign investors or perhaps GM to loan it more money, but if they really have money in the bank you would think they would just pay the bills and keep building cars while they are trying to get more investors lined up - or maybe this is something far worse?
Whatever the problem, if you've got a Saab, you may soon have an orphan.
And if you are in the market for a new car, think twice before you drive off the lot with a Saab - new or used.
Burdge Law Office
www.BurdgeLaw.com
Because life is too short to drive a lemon.
Subscribe in a reader- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
Is Saab going, going, gone? Rumors of near-bankruptcy circulate as Saab delayed its release of the first half 2011 financial report which, obviously, will likely be printed with red ink. News reports say Saab missed another payroll and its suppliers still...
- Saab Troubles Continue As Asset Seizure Nears
It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room....
- Saab Opens Manufacturing Plant - And Gets Shut Down Again - It Just Never Ends
Saab just can't seem to get it up and running as the money continues to run out. Last month it made a deal with China's largest dealer network that promised to refuel the Swedish automaker with badly needed funds to reopen its plant, according...
- Saab Is Tottering On The Brink Of Collapse - Financing Falls Thru
Saab breathed a sigh of relief a few days ago when it announced a deal with a Chinese automaker that would have Hawtai Automotive Group gobble up 29.9% of Saab and loan it more money, funneling to Saab $216 million. With the money, Saab was set to pay...
- Saab Is In Trouble? Unpaid Suppliers Shut Down The Assembly Line For Lack Of Payment
Unpaid suppliers shut down the assembly line for lack of payment on overdue bills from Saab. The Saab Sweden plan got back to normal after a day long shut down that was sparked when suppliers refused to deliver parts because of outstanding bills that...