In September 2010, BMW Group signed an agreement with Saab for the supply of their 1.6-liter turbocharged four-cylinder engines to be used in the next generation of 9-3.
On paper, it was a win-win situation. It gave Saab’s new owner at the time, Spyker, a way to start relying less on GM’s powertrains, and of course BMW welcomed the extra income.
Two years later, this deal is the latest in a very long series of problems for the, now bankrupt, Saab. That’s because last week BMW filed a lawsuit with the Swedish district court in Nykoping.
The €2.6 million (US$3.2 million) lawsuit states that Saab Automobile Parts AB, which continues its operations despite the carmaker’s bankruptcy, failed to pay for spare parts and components delivered by BMW despite numerous reminders through 2011.
Saab Automobile Parts AB CEO Lennart Stahl responded that the company’s lawyers have already contacted their counterparts at BMW and contested the claim and will do so again.
“Our lawyers will now go through the lawsuit carefully and see if anything new has been added before we decide what to do”, Stahl told Fox Business.
He also alleged that Saab Automobile Parts shouldn’t be liable for any orders Saab Automobile: “Saab Automobile Parts AB have not ordered or received any spare parts or components from BMW”, said Stahl. “Why would a spare part company order components for a car model that’s not yet in production?” he asked, referring to the 9-3.
The situation is even more complicated than it seems: Saab Automobile Parts AB shares were used as collateral by Saab Automobile in exchange for loans received by the European Investment Bank.
Now the Swedish National Debt Office, which guaranteed Saab’s loans to the EIB on behalf of the state, wants to sell Saab Automobile Parts AB to collect at least part of Saab’s US$2 billion debt.
By Andrew Tsaousis
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