SWEDEN: Kongsberg Automotive could recover Saab debt next week
The supplier that produces interior systems components is owed between EUR500,000 (US$716,000) and EUR700,000 and was one of the first companies to be named by Sweden's debt enforcement agency Kronofogden as a creditor.
But despite insisting to just-auto this week it did not want to tip Saab into bankruptcy, Kongsberg took a hard line at the same time, insisting it was "not going to give money away for free."
Saab missed a payment deadline to Kongsberg Automotive and consultants Infotiv this week allowing Kronofogden to look at the automaker's Swedish bank accounts to see what cash remained.
And an enforcement officer at Kronofogden revealed to just-auto today (19 August) the agency estimated Saab to have up to SEK5.1m (US$791,000) with Swedish bank SEB - more than enough to pay the Norwegian component producer.
"That SEK5.1m would cover the debt to Kongsberg Automotive - if that is the case we will pay Kongsberg - it will take a week," the Kronofogden enforcement officer told just-auto from Sweden.
"We have spoken to Saab about this today - they can't say that much."
Kronofogden is continuing to examine Saab accounts in other Swedish banks, although it does not have the authority to request information from foreign financial institutions.
"They [Swedish banks] have to give us the information - that is a legal requirement," added the enforcement officer. "It is not possible with foreign banks - Saab has I think quite a few foreign banks."
Further information is expected from Kronofogden when it meets Saab, possibly as early as the middle of next week.
The exact amount of money Saab has with SEB is due to be calculated potentially by next Tuesday (23 August).
Kongsberg Automotive was not immediately available for comment.
Sarah Kenworthy, European supply chain director aftersales, Vauxhall/Opel...
This QUBE report from just-auto provides a comprehensive overview of the global electrified vehicles sector, major OEM developments, top 14 markets, technology trends and market projections. Use this ...
This QUBE report from just-auto provides a comprehensive overview of the global light vehicle seating sector, major suppliers, top markets, technology trends and market size forecasts. Use this report...
There appears to be something outrageous going on in Trollhattan or should I say Gothenburg....
LMC Automotive's service provides customers with the very latest monthly estimates of passenger car production across all of Europe. Updated monthly and provided model-by-model, and available only via...
General Motors will report a 2011 loss of "slightly more than US$1bn" for its European Opel/Vauxhall division on Thursday, monthly Manager Magazin reported in its online edition citing "insiders."...
Sources in Sweden indicate receivers handling bids for bankrupt Saab will make a decision on any likely winner by the end of February....
- THE WEEK THAT WAS - platforms to go to
- General Motors' platform strategy decoded
- Geely/Volvo architecture cooperation bears fruit
- Delphi Powertrain VP on compliance - Q&A
- Dayco on building aftermarket brand identity - Q&A
- Peugeot reveals revamped 3008 compact SUV
- US and UK motorists divided on driverless cars
- Geely raises capital for electric London cabs
- Volvo previews 2017 40 series on CMA platform
- Global NCAP fails five Indian cars in crash test