Law and Rights
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.
While Chinese (and other? the Russian banker Vladimer Antonov?) investors promise millions in badly needed support money to keep the Swedish maker going, time is running out while the Chinese struggle with their bureaucratic red tape that prevents money from flowing to Sweden. By the time it does, it may be too late. Reportedly unpaid suppliers are owed $625,000 and the government is threatening to simply being the legal process of seizing the Saab assets. If that happens, the company would very likely fold.
Meanwhile Saab dealers have little in the way of inventory. Saab itself is building very little. And without vehicle shipments occurring, the money is running out.
Swedish Enforcement Agency representatives, who are the ones in the government who would do the asset seizure, have now publicly said that they have contacted Saab's banks - the first step in the process that could spell Saab's demise and that could come at any moment.
Millions of dollars in payroll is due to be paid out this week and that could well drain the bank account to near nothing status.
We certainly wish no car maker ill, but Saab certainly already has its share. If you haven't figured it out yet, now is probably not a good time to buy a Saab.
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- Is Saab About To Disappear? Bankruptcy "just Hours Away" Swedish Press Says
Once upon a time, Saab was a shining star in the sea of vehicles GM built or had a hand in building. Now, with Swedish creditors pounding on the doors and Swedish employees unpaid, the factory shuttered in Sweden (although the one in Mexico has its doors...
- 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 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...
- Saab Factory Shut Down Again By Suppliers Who Aren't Getting Paid For Deliveries
and they aren't happy. For the second time in barely a week the Saab headquarters plant in Sweden has had the assembly line shut down by suppliers who refuse to deliver critical parts because they claim they haven't been paid for deliveries. Saab...
Law and Rights
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.
While Chinese (and other? the Russian banker Vladimer Antonov?) investors promise millions in badly needed support money to keep the Swedish maker going, time is running out while the Chinese struggle with their bureaucratic red tape that prevents money from flowing to Sweden. By the time it does, it may be too late. Reportedly unpaid suppliers are owed $625,000 and the government is threatening to simply being the legal process of seizing the Saab assets. If that happens, the company would very likely fold.
Meanwhile Saab dealers have little in the way of inventory. Saab itself is building very little. And without vehicle shipments occurring, the money is running out.
Swedish Enforcement Agency representatives, who are the ones in the government who would do the asset seizure, have now publicly said that they have contacted Saab's banks - the first step in the process that could spell Saab's demise and that could come at any moment.
Millions of dollars in payroll is due to be paid out this week and that could well drain the bank account to near nothing status.
We certainly wish no car maker ill, but Saab certainly already has its share. If you haven't figured it out yet, now is probably not a good time to buy a Saab.
Burdge Law Office
www.NewCarLemonLaw.com
Because life's too short to drive a lemon.
Subscribe in a reader- Is Saab About To Disappear? Bankruptcy "just Hours Away" Swedish Press Says
Once upon a time, Saab was a shining star in the sea of vehicles GM built or had a hand in building. Now, with Swedish creditors pounding on the doors and Swedish employees unpaid, the factory shuttered in Sweden (although the one in Mexico has its doors...
- 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 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 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...
- Saab Factory Shut Down Again By Suppliers Who Aren't Getting Paid For Deliveries
and they aren't happy. For the second time in barely a week the Saab headquarters plant in Sweden has had the assembly line shut down by suppliers who refuse to deliver critical parts because they claim they haven't been paid for deliveries. Saab...