Saab just can’t seem to get a break. When you think that it’s on the right path to solve its problems, suddenly new issues arise. This time it’s Sweden’s Debt Enforcement Agency, which, according to Detnews, has started collection proceedings after the company failed to meet last Tuesday’s deadline to pay two suppliers.
Saab’s debt to Kongsberg Automotive AB, a Norwegian manufacturer of car seat parts, and Infotiv AN, a Swedish consulting firm, amount to $633,000, with the majority belonging to Kongsberg according to the Agency’s chief, Hans Ryberg.
Saab was, understandably, tight-lipped about the issue: “We’re in contact with the Collection Agency, but can’t comment any more than that” said its spokesman, Eric Geers.
Ryberg said that Saab has to pay more suppliers another $792,200 in a week’s time. He already has more than 100 debt claims against Saab in his hands, according to an Agency spokeswoman. The process takes up to three months, but can be stopped at any point provided that Saab pays its debts. If this doesn’t happen, the Collector Agency can ask for Saab to be put in bankruptcy.
However, a ray of hope shines on the horizon for cash-strapped Saab. According to a report from Pacific Business News, New York investment banking firm Endeavor Advisory Group wants to put up to $500 million in renewable source projects in Hawaii. And what does Hawaii has to do with Sweden?
Well, Endeavor’s Chairman and CEO David Khalilzad said that his company is working with Saab:
“Saab Automobile AB has hired Endeavor Advisory Group as investment banker to raise $350 million in debt financing. We are very pleased that Saab and SAAB AB CEO Victor Muller said it is great to work with Endeavor Advisory Group”.
Holland, China, Sweden and now Hawaii: this intercontinental saga is getting more interesting by the day. Apparently, someone must have been very inspired in naming the carmaker’s latest concept Phoenix: like the fictional bird Saab seems to burst into flames and then, suddenly, rise from its ashes afresh.
